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.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.