$150 Oil Could Tip World Economy Into Recession

The world economy is heading for a “rare” recession in the middle of this year as a prolonged war seems likely amid the prospect of US troops heading to the Middle East. Economists have warned that activity will fall in the middle of the year if oil prices surge to $150 per barrel and remain there for a period of four months. Oil prices continued to climb higher on Monday as the Brent Crude benchmark raced past the $116 per barrel mark amid mixed messages between the US, Israel and Iran on the state of the war. It…