With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

AI Summary

Global oil prices edge toward a critical point that could provoke inflation, shortages, and recession if a US-Iran deal is not reached soon. The closure of the Strait of Hormuz by Iran in response to US and Israeli pressure has driven crude prices to volatile levels near $100 per barrel.

Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point. The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz. Continue reading...