Energy price shock from the Russia-Ukraine crisis could hurt the economy
CNN
As oil rapidly approaches $100 a barrel, JPMorgan warned Tuesday that a spike in energy prices and other ripple effects from the Russia-Ukraine crisis could hurt both the stock market and the economic recovery.
"An energy price shock amidst an aggressive central bank pivot focused on inflation could further dampen investor sentiment and growth outlook," JPMorgan strategists wrote in a note to clients.
Brent crude, the world benchmark, surged to a fresh seven-year high of $99.50 a barrel Tuesday morning before backing off. In recent trading, Brent was up 2% to $97.30 a barrel. US crude rose nearly 3% to $93.65 a barrel.
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US markets dropped again Tuesday after President Donald Trump doubled down on his threat to levy a new round of hefty tariffs on Canada.
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