A spike in oil prices has roiled stocks and bonds again and threatens to accelerate inflation — adding pressure on the White House.
Andrew here. War fuels volatility, and the reactions are often as sharp as they are unpredictable. Oil prices spiked on Monday — and stocks are sliding — on fears of a prolonged conflict and looming supply shocks. There is also quiet concern that the war’s toll on the Chinese economy could pressure Beijing to intervene.
Meanwhile, as supplies from the Middle East grow constrained, Russia is reaping the benefits of higher prices for its own crude. These crosscurrents may seem unexpected — but probably shouldn’t be. We have all of the details below.
