Oil Shock Escalates: Crude Tops $US107, ASX Slumps, and Treasury War-Games Recession

Brent crude surged 6.1% to above $US105 per barrel — its highest since May — after fresh fighting in the Middle East further choked global supply via the Strait of Hormuz. US crude topped $US100 for the first time since Memorial Day, and some analysts now tip $US120 within weeks. The ripple hit Wall Street immediately: the S&P 500 fell 0.5%, the Dow dropped 340 points, and the Nasdaq slipped 0.5%. Closer to home, ASX 200 futures are...