Oil Price Collapse Halted by Tensions in the Middle East

Brent crude and U.S. benchmark WTI fell by more than 3% on Friday and then continued to drop on Monday morning amid growing fears of a U.S. recession. The drop in oil prices has now been somewhat tempered by rising tensions in the Middle East. At 10:30 a.m. ET on Monday, Brent crude was trading down 0.86% at $76.15, while West Texas Intermediate (WTI) was trading down 1.03% at $72.76. Recession fears took charge early on Monday morning, with analysts largely determining that without swift U.S. interest rate cuts, economic growth will suffer and…