New York – The world economy is being held back by the actual closure of the Strait of Hormuz. The prices of petrol, jet fuel and diesel have gone up. Stock markets have fallen, and the possibility of a recession has increased. After weeks of trying and failing to reopen the critical waterway off Iran’s … Read more
Good news: Oil traders are betting the Iran war will end soon. The bad news: They also bet the economic damage from the war could last for years. Crude has soared above $110 a barrel, making $4-a-gallon gas and $5.40 diesel a painful reality in the United States. But when we say “crude is trading … Read more
The US economy is under pressure, and a collapse in oil prices could cause it to collapse. “People are getting ready for the fact that we’re either down now or there’s a very good chance we’ll be in the same place soon,” said Hady Farag, partner and co-director of the Boston Consulting Group. Problem: Recession … Read more
The US economy is under pressure, and a collapse in oil prices could cause it to collapse. “People are getting ready for the fact that we’re either down now or there’s a very good chance we’ll be in the same place soon,” said Hady Farag, partner and co-director of the Boston Consulting Group. Problem: Recession … Read more
Washington – Americans are growing pessimistic about the U.S. economy as the Iran war continues to shake out, with sentiment falling across all income groups — including the wealthiest. Consumer sentiment fell 6% this month to a final reading of 53.3, the University of Michigan said Friday, down from what was reported earlier this month, … Read more