Oil Prices Spike, Recession Fears Soar

0:00On April 1st, oil prices just spiked over $119 a barrel as the Iran conflict shakes the global economy. Experts warned this could drag the world into recession, with the shock hitting from west to east. The Strait of Hormuz, key for a fifth of world oil and gas, stays blocked by Iran, creating a massive supply crunch. Economists like Colin Pickering from Peel Hunt, say if Europe gets pulled in next, recession fears skyrocket. The UK economy was already weak, growing just 0.1% last quarter, called Strait of Feeble by analysts. Business leaders are spooked, with confidence at record lows per the Institute of Director's Survey. Energy bills look set to jump 288 pounds on average this summer, hitting 1,929 pounds annually. Under the cap, that fuels inflation and stalls new projects. The OECD slashes UK Girl Forecast, pegging Britain as the hardest hit advanced economy. Reports swirl that Trump might bail on the war without reopening the Strait, making a quick fix tougher and risks higher for energy heavy sectors like travel and tech.

1:10All this piles pressure on households and investments, but I stay glued on any de-escalation moves to steady the markets.