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Story summary
- Crude oil prices surged due to the conflict in the Middle East, with Brent at $105 per barrel.
- Economists warn prices must reach $138 and stay elevated for 14 weeks to significantly raise recession risks.
- Recession odds are 32%, up from 27% in January, while Consumer Price Index forecasts rise to 2.9% by December.
- The Federal Reserve has kept interest rates steady amid uncertainty, citing resilience but warning against complacency.
