Rising crude prices may push US towards recession, warns Moody’s chief economist Mark Zandi

Amid the relentless rise in crude oil prices since the onset of the US-Iran war, investors have grown cautious, as oil-led price increases could impact the global economy, with economists now warning that higher crude oil prices could push the world’s largest economy closer to a recession.

Mark Zandi, Chief Economist at Moody’s, warned that the US economy could tip into a recession within the next 12 months, as elevated crude oil prices add to pressures on an already soft labour market.