Oil Is Already Near a Price That Hurts the Economy - WSJ

Crude prices near and above $105 a barrel raise clear risks to economic growth, even if the world is less oil-dependent than before. Ukrainian strikes on Russian oil facilities add a supply-side shock that could amplify price spikes in the near term, but the limited longer-term damage to Russia’s economy and export capacity suggests such upward pressure may be episodic. Persistent high prices would still raise recession risk given weak underlying growth.