Port workers on the US East and Gulf Coasts are striking, causing shipping disruptions and raising concerns about inflation. Meanwhile, oil prices spiked due to fears of Iran's involvement in a larger Middle East conflict, adding to economic uncertainty.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeon Israel. Analysts told CNBC there's a chance Israel will hit Iran's oil infrastructure, which could cause oil to, halting activity at U.S. East Coast and Gulf Coast ports, which stretch from Maine to Texas.
"A disruption of a week or two will create some backlogs but the broader consequences will be minimal," said Adam Kamins, economist at Moody's Analytics. Meanwhile, oil prices spiked as markets feared Iran, a member of OPEC, would be dragged into a larger conflict in the Middle East. Higher oil prices pose a risk to inflation resurging, or at least slowing less than everyone is hoping for., known as Wall Street's fear gauge, climbed to 19.3 on Tuesday. It closed at 15.4 a week ago. Major U.S. indexes fell, with the tech-heavy Nasdaq suffering the most as megacaps like Tesla, Nvidia and Apple dropped.
The best-case scenario would be that recent events are just minor turbulence on the way to a soft landing.
PORT STRIKES OIL PRICES INFLATION MIDDLE EAST ECONOMY
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