Oil price spikes have caused recessions without exception throughout history; oil is a critical fuel for which demand cannot be easily substituted, and the recent 50% oil price increase from the Iran war will create balancing effects (weak markets, reduced demand) and is clearly painful for the economy.

causalpending

Speaker

Jeremy Grantham

Evidence Quote

every major move in oil up has caused a recession without exception...can't easily withstand a massive increase...critical fuel

Source

Jeremy Grantham: Lessons from 60 Legendary Years of InvestingThe Master Investor Podcast with Wilfred Frost
Created: 8/12/2026, 6:39:12 PM

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