"Gas prices have spiked and stock markets indexes tumbled after an Iranian official said his country would "set fire" to anyone trying to pass through the key Strait of Hormuz shipping route. In the UK, the FTSE 100 index fell by 2.6% while stocks markets in France and Germany also dropped."
"UK gas prices rose to over 165p a therm on Tuesday which it last traded at less than a year after the start of the Ukraine war. The price of gas leapt on Monday after QatarEnergy, one of the world's biggest exporters, halted production following "military attacks" on its facilities."
"If inflation - the pace of price rises - picks up, then this may make central banks less likely to cut interest rates in the months ahead. Rising oil prices can affect the economy by making things such as motor fuel, transport and food more expensive."
Iranian officials threatened to attack ships in the Strait of Hormuz, causing significant market turmoil globally. UK gas prices doubled since US and Israeli airstrikes on Iran began Saturday, reaching levels not seen since the Ukraine war. Stock markets fell sharply: FTSE 100 dropped 2.6%, Germany's Dax fell 3.7%, and France's CAC-40 slid 3%. QatarEnergy halted production following military attacks, further pressuring energy supplies. Rising gas and oil prices threaten household energy bills and transportation costs. Investors fear inflation could spike, potentially delaying central bank interest rate cuts, mirroring economic disruptions from Russia's Ukraine invasion.
Read at www.bbc.com
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