Charting the Global Economy: Oil Prices Top $90 on Iran War
Fuel storage containers at an energy complex in Rodeo, California.
Photographer: David Paul Morris/BloombergUS oil prices posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz grinding to a virtual halt.
With no sign of a let-up in hostilities, Goldman Sachs Group Inc. flagged the risk of scenarios for oil topping $100 a barrel in the case of prolonged disruption. That threatens to boost inflation, just as the Federal Reserve is now contending with a shakier labor market than previously thought.