Rising oil prices could push world into a recession; no economy can expand without energy – Bank of America

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(Kitco News) – The oil market continues its relentless climb higher, pushing to within a hair’s breadth of $120 a barrel Tuesday. The energy market continues to be dominated by supply chain issues due to Russia’s ongoing invasion of Ukraine.

Because of the conflict, European leaders announced further sanctions on Russia, saying it would reduce Russia’s oil imports by 90% by the end of the year.

Many economists have warned that rising energy prices, pushing inflation pressures to unprecedented levels, raises the threat of a recession. In a report Friday, Francisco Blanch, head of global commodities and derivatives research at Bank of America Securities, has added his voice to the conversation, saying there is a growing risk of a 1980s…

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