Well-respected economists Krugman and Brooks believe we are near to the peak in oil prices because demand destruction takes place if it goes much higher
Oil prices fell by over 13% on Monday after U.S. President Donald Trump said he would order the military to postpone any strikes against Iranian power plants and energy infrastructure.
Goldman Sachs has upgraded its forecast for oil in 2026 by 10%
Brent crude is now expected to average $85 a barrel this year, up from a previous forecast of $77. The U.S. oil gauge West Texas Intermediate is seen at $79 a barrel from $72 earlier.
Crude prices were volatile early in the session before paring initial losses. Fears over prolonged disruption in the Strait of Hormuz have kept investors on edge, pushing oil prices higher.
Investors are shifting out of bonds and other assets exposed to inflation as global markets brace for prolonged disruption to energy supplies while war rages in the Middle East.
Kevin Warsh promised to overhaul the central bank and cut rates. He is being greeted by rising inflation, an oil shock and a confirmation in limbo.
Oil futures edged lower as traders eye President Trump's deadline to reopen the Strait of Hormuz.
President Donald Trump threatened to bomb Iran's power plants if the Strait of Hormuz isn't cleared for shipping traffic.
Oil prices rose on Monday after U.S. President Donald Trump and Iran threatened to attack energy facilities in the Middle East, escalating the war.
Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday.
Emerging economies have been hard-hit by the war in Iran. Buy these markets on the dip.