America Braces for Oil Shock

Wall Street Journal: “The conflict with Iran throttled one of the key shipping routes for global energy and brought the world to the brink of a shock. Costs of diesel, gasoline and jet fuel have surged at paces that echo 2022, when Russia’s invasion of Ukraine sparked some of the wildest commodity trading on record.”

“Benchmark U.S. crude futures this week skyrocketed at their fastest rate in records stretching back to 1983, surging 36% to $90.90 a barrel. Many analysts believe $100 oil is fast approaching. Run-ups beyond that could raise the risk of a recession.”

Washington Post: Gas prices are climbing fast as Trump’s Iran conflict continues.