Tensions in the
Middle East
mean
the risk to the oil price is on the upside, and if US crude benchmark WTI rises
as high as $150 a barrel it could push the country back into recession, says
Standard Chartered.
If the oil price rises this high in the
US
, it
would wipe out the consumer's contribution to growth, dragging down the wider
economy, the bank says. A similar oil price in
Europe
would
push the economy even deeper into recession, it adds.