Crude oil is seeing a massive price spike on Monday following drone strikes on a Saudi oil facility at Abqaiq and at a nearby Khurais oil field on Saturday
With the economy already showing clear signs of slowing down in most developed and developing countries, high oil prices could be the straw that breaks the camel’s back contributing to a recession. Central banks around the world will be forced to rethink their current policy stance if this rise in oil prices is passed onto the public through inflation.