Fresh global recession fears have emerged amid intensifying inflation, rising interest rates and the specter of new pandemic-driven lockdowns in China that could further disrupt supply chains. A downturn could diminish demand for oil and natural gas after a robust start to 2022 fueled energy market rallies.

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Most recently, Chinese officials in Beijing on Monday said they were tracking new coronavirus flare-ups in the city of more than 20 million, a development that could necessitate new lockdowns. This follows recent weeks-long restrictions in Shanghai that brought China’s largest city and financial hub to an economic standstill. Still, the city on Monday reported more than 19,000 new coronavirus cases.

Economists are warning that new lockdowns could once again cripple global...