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.
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This article was originally published by The Guardian and written by Heather Stewart.
Read original article on The Guardian