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EXCERPT:
… A ceasefire by U.S. President Donald Trump appears to be on shaky ground after Iran launched strikes against the United Arab Emirates. The U.S. Central Command said it sank six Iranian small boats in the Strait of Hormuz.
Trump later escalated the rhetoric, telling Fox News that Iran will be “blown off the face of the earth” if it targets U.S. ships that are protecting commercial vessels transiting the strait.
He also called on South Korea to support U.S. efforts after he claimed a South Korean cargo ship had come under fire from Iran. Seoul had not publicly responded as of the time of writing.
These developments have spooked investors. International benchmark Brent crude futures rose nearly 6% to settle at $114.44 per barrel, while all three major U.S. stock indexes dipped.
Some analysts are sounding the alarm, warning that global economies could be “sleepwalking” into a “big recession”, as investors continue to underestimate the impact of the oil price shock, according to Amrita Sen, founder and director, market intelligence at Energy Aspect.
