By Antonia van de Velde, CNBC.com Deputy News Editor NEW YORK ( CNBC) -- Rising oil prices have displaced Greece as a source of investor anxiety, a new HSBC report says, warning that if the trend of rising oil prices persists, a fragile economic recovery in the developed world could quickly be derailed, and inflation could return to emerging markets. Oil prices have risen to all-time highs in euro and sterling terms in recent days and are edging close to the $147 per barrel high seen in 2008, mainly as a result of rising tensions over Iran. HSBC Chief Economist Stephen King said in the report that sanctions against Iran have already led to supply shortages which have doubtless lifted oil prices. There are also plenty of other Iranian-related issues to worry about, he said.
| More from CNBC Behind Saudi Pipeline Story: Nervous Traders--and Distrust |
Nat Gas Boom Brings Environmental Concerns
The Latest Wall Street Scam: Free Beer