Rising oil prices add to global economic strife

Rising oil prices add to global economic strife

Escalating tension in the Middle East is driving up oil prices, a huge import cost for many economies, putting more strain on global growth already hurt by the trade war being waged by U.S. President Donald Trump and weakening consumer confidence.

Crude oil prices spiked more than 4% after two oil tankers were attacked in the Gulf of Oman on Thursday, just a month after strikes on tankers in the United Arab Emirates and oil-pumping stations in Saudi Arabia.

Trump, meanwhile, has been fighting a trade war against China and is beginning to turn his attention to other trading partners, a policy likely to raise the chances of a recession both at home and abroad. Read More

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