Amy Scott

President Trump continues to pressure U.S.

allies to help open the Strait of Hormuz, which Iran has effectively closed in response to U.S.-Israeli strikes.

About 20 percent of the world's oil supply typically passes through the shipping channel.

The price of Brent crude closed above $100 a barrel today for the third straight trading session as the president's war in the Middle East entered its third week.

For context, just a few weeks ago, that price was around $70.

As Marketplace's Justin Ho reports, drivers are largely taking the recent spike in stride.

But for how much longer?

That's George Perks at Bespoke Investment Group.

He says energy is getting more expensive, but people can't really do much about it.

That said, there is a point where the price of oil gets so high that people actually start to pull back.

But it's hard to know exactly where that is.

Over $120, it really starts to bite.

The middle voice was John Canavan at Oxford Economics, and that last voice was Ben Ayers at Nationwide.

He says up until that point, consumers would simply face more inflation, so they'd have less money to pay for other things.

Same with businesses.

But if oil prices break through that $120 or $40 or $50 threshold, economies around the world might stumble, says John Canavan at Oxford Economics.

Canavan says a recession could happen here, too.

But even at those prices, the U.S.

has advantages.

For one, we produce plenty of our own oil, and George Perks at Bespoke Investment Group says the economy up until the war was doing okay.