As oil steadily climbs above $100 per barrel and Iran rejects a U.S. peace proposal, Moody’s chief economist says recession odds are only getting worse.

Some economists cautioned the U.S. economy would be able to absorb the shock of the Iran war.

Goldman said it expected six weeks of Hormuz disruption, with Brent crude averaging $105 per barrel in March and $115 in April before retreating to $80.

Economists have pulled up their risk assessments of a contraction amid heightened uncertainty over geopolitical risk and a labor market slump.

As oil steadily climbs above $100 per barrel and Iran rejects a U.S. peace proposal, Moody’s chief economist says recession odds are only getting worse.

A survey found middle-class Americans were “buffeted” by surging gas prices and “volatile” financial markets brought on by the Iran war.

Energy markets are starting to reflect the growing risk of physical supply disruptions.