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America’s economy faces a potential war shock: Surging oil prices
The American economy faces the unwelcome prospect of reignited inflation after the United States launched strikes on three nuclear facilities in Iran. High oil and gas prices are a near certainty, experts say. The big question now: How long will the fossil fuels price spike last? Oil prices are expected to rise by about $5 per barrel when markets open on Sunday, according to experts. “We are looking at $80 oil on the open,” said Andy Lipow of Lipow Oil Associates. U.S. oil hasn’t closed above $80 a barrel since January and has largely hovered between $60 and $75 a barrel since August 2024. Relatively tame oil ... (full story)
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