Key Takeaways

• Historically, a Middle East crisis has led to spikes in the oil market, which have been followed by recessions. However, record domestic oil production has made the U.S. less dependent on foreign oil.
• Economic sanctions have battered Iran’s oil production, thus are less likely to destabilize global oil supply.
• The latest tension will require a significant and sustainable increase in oil prices to derail the US economy.

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