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Oil Prices Spike Amid Conflict: US Recession Risks Rise

3/14/2026

28 3 Full Breakdown

Summary

Story summary

Oil prices surged amid the conflict, with Brent crude near $120 a barrel before dropping to around $100.
The Strait of Hormuz has been effectively closed, triggering market volatility.
Experts warn that sustained high oil prices could trigger a US recession, with prices potentially exceeding $150 a barrel.
US gas prices have risen more than 23% since the conflict began, affecting spending and growth.

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Story summary

Oil prices surged amid the conflict, with Brent crude near $120 a barrel before dropping to around $100.
The Strait of Hormuz has been effectively closed, triggering market volatility.
Experts warn that sustained high oil prices could trigger a US recession, with prices potentially exceeding $150 a barrel.
US gas prices have risen more than 23% since the conflict began, affecting spending and growth.