Increasing tensions between the West and Iran have helped push Brent crude to an eight-month high of $121 a barrel, leaving many concerned over the longer-term impact.
Brent crude today reached $121.15 after Iran pre-empted an expected EU embargo on imports by cutting oil sales to both the UK and France, with some suggesting current price levels could act as a drag on global growth. "Any discussion of upside risk coming from [recent] data needs to be tempered by recent concerns emanating from energy markets," said J. P. Morgan chief economist Bruce Kasman in a note to clients on Friday. "Although some of this [oil price] increase reflects shifting expectations about economic growth, the latest move up also likely reflects concerns surrounding a poss...
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