How the high price of oil could fuel a recession - CTV News
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Article Excerpt
The rising cost of oil is raising concerns that it could push the global economy into a recession, according to financial analysts and economists.
In recent weeks, crude oil prices have surged to levels not seen since before the pandemic, with benchmark West Texas Intermediate crude hitting $120 per barrel in late June. This increase has been driven by geopolitical tensions, supply constraints, and demand recovery from the pandemic-induced downturn.
The surge in oil prices could have significant implications for global economic growth. For many countries, particularly those heavily reliant on …
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Jun 5, 2026