US-Iran oil standoff could slam the economy [CNN]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: CNN
How the US-Iran oil standoff could hurt the economy Investors would be wise to closely monitor the relationship between the United States and Iran , where tensions have soared after Iran suspended parts of the nuclear deal that briefly brought an end to its economic and diplomatic isolation. A clash in the Middle East, while unlikely, would send oil prices surging . That would deal a major blow to consumer spending , the engine of the American economy. History shows that oil price spikes — not financial panics — are the leading cause of recessions in modern America. "Oil shocks have killed more US economic expansions over the last 40 years than any other single cause," Nicholas Colas, co-founder of DataTrek Research, wrote in a note to clients. Besides long lines at gas stations, the Saudi oil embargo of 1973-1974 helped set off a jump in oil prices that crippled the economy. The Iranian Revolution of 1979 also led to a recession in the United States. Similarly, the US economy slipped
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