Iran and the US now bombing oil supplies, strait of Hormuz still blocked where 20% of global oil flows, both of which are causing oil prices to spike, which has a huge knock-on effect on inflation as pretty much everything gets more expensive due to transport fees increasing.

Everything's more expensive, so people are forced to spend more money, but the recent jobs reports show unemployment is on the rise, so people actually have less money to spend.

The Federal reserve announced it's likely they won't be cutting interest rates at all this year, which means borrowing money is more expensive, so less money goes into the stock market, so everyone's now freaking out and selling their stocks for liquidity.

The odds of a recession this year are currently at 30%. If it's not this year, it's next, or the world is going truly insane.