Editorials & Other Articles

(depending on whether we are talking stock or commodities). The major downward move is because the market broadly expects that this ends up with no substantial restriction of shipping, and both Iran and Russia free to sell more crude. There is a strong consensus about that. There is not a consensus about a recession big enough to greatly affect oil prices. As the expression goes, economists have predicted 20 of the last 5 recessions.

Be that as it may, BOTH of those factors point toward better supply than demand, so the effects are additive.