With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart
Oil markets are nearing a critical point, with prices approaching levels that could lead to inflation and recession. A potential US-Iran deal is seen as urgent to stabilize the situation, as the closure of the strait of Hormuz has already impacted supply. Analysts warn that if current trends continue, oil stocks could reach dangerously low levels, resulting in significant economic consequences.
- ▪Global oil prices are nearing a tipping point that could trigger inflation and shortages.
- ▪The International Energy Agency has warned that oil stocks are being depleted at a record rate.
- ▪If the strait of Hormuz remains closed, oil prices could surge to $130-$140 a barrel.
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A lorry driver fills up with diesel at a filling station at Harthill, Scotland. Photograph: Murdo MacLeod/The GuardianView image in fullscreenA lorry driver fills up with diesel at a filling station at Harthill, Scotland. Photograph: Murdo MacLeod/The GuardianEconomics viewpointOilWith oil markets nearing the danger zone, a US-Iran deal can’t come soon enoughHeather StewartGlobal prices are approaching a tipping point that could trigger inflation, shortages and, over time, recessionSun 24 May 2026 05.32 EDTLast modified on Sun 24 May 2026 05.39 EDTShareIf a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.The cost of a barrel of crude on…
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