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Rising Oil Prices Threaten U.S. Economy with Recession Risk

3/20/2026

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Summary

Story summary

Mark Zandi of Moody's Analytics says rising oil prices could push the U.S. economy toward recession, 50-50, as Middle East conflict continues.
Brent crude has surged to about $119 per barrel.
U.S. President Donald Trump's administration is considering measures to relieve pressure, including releases from the Strategic Petroleum Reserve.
E.J. Antoni, a Trump-aligned economist, says the economy is weaker than it appears because of high oil prices.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This crisis severely impacted the U.S. economy, marking the end of a post-war prosperity era and prompting ongoing debates about energy independence and economic stability amid rising oil prices today.

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Story summary

Mark Zandi of Moody's Analytics says rising oil prices could push the U.S. economy toward recession, 50-50, as Middle East conflict continues.
Brent crude has surged to about $119 per barrel.
U.S. President Donald Trump's administration is considering measures to relieve pressure, including releases from the Strategic Petroleum Reserve.
E.J. Antoni, a Trump-aligned economist, says the economy is weaker than it appears because of high oil prices.

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