Oil's Double Edged Sword: What Escalating US Iran Tensions Mean for Global Markets The latest tanker attacks in the Middle East have sent oil prices soaring, sparking anxiety among investors.
The escalating tensions between the US and Iran are reminiscent of a familiar cycle – one that has played out before, but with significant differences this time around.
Historically, oil price shocks have been a reliable indicator of economic downturns. The 1973 Arab Israeli War led to an embargo and quadrupled oil prices, precipitating the US's worst recession since World War II.