BofA’s Hartnett Warns Markets Starting to Look Like 2008

The spike in oil prices and growing concerns around private credit are causing market activity to resemble the lead-up to the global financial crisis, according to Bank of America’s Michael Hartnett.

The strategist flagged how oil doubled to $140 a barrel by August 2008 from $70 in July 2007, accompanied by the start of the “subprime tremors” that engulfed the likes of Northern Rock and Bear Stearns. The Iran war that erupted Feb. 28 has pushed oil prices more than 60% higher this year.