Crisis at the pump: Why oil price volatility could trigger a global recession | News In Depth

Oil prices are already volatile, sitting around $110 a barrel, and could shoot up to $185-200 if the conflict around Iran keeps spiralling. A big concern is the Strait of Hormuz closure, messing with global oil supply and leading to rapid price spikes. Jakub Kapiszewski, Business Editor at TVP World, says if the prices hit around $135 per barrel it could push the global economy towards recession, though governments are taking measures to soften the blow. Countries like Spain are going all-in with tax cuts and subsidies, while others in Central Europe are introducing price caps and fuel limits. Poland, though, is mostly holding back for now, relying on reserves and lower company margins instead of direct intervention because, with the country's budget already stretched. The good news is, Poland is cushioned to a certain extent from economic shocks thanks to diversified energy sources. But Poles are still feeling the pressure as fuel prices climb.

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