Scary Oil in-class summary practice

The rise in oil prices threaten the weak global economy. In 2011, a barrel Brent crude costs less than $100 but it cost $125 now. The fear of a potential military conflict between Israel and Iran is the key factor resulting in the spike of oil prices. Furthermore, it caused 3 global recessions including the one in 2008. US and Israel are considering using military force as the last resort to curb Iran's aggression and prevent the development of nuclear weapons. This could aggravate the tension in the Middle East.