Expert Warns: Rising Oil Prices Could Increase U.S. Recession Odds

EY-Parthenon chief economist Gregory Daco has indicated that the likelihood of a U.S. recession has increased to 40% amid escalating Brent crude oil prices during the ongoing Middle East conflict. According to NS3.AI, Daco cautioned that if oil prices remain above $100 per barrel, it could drive U.S. inflation up to 5% and reduce real GDP growth by over 1 percentage point.