Poll: Are you worried the Iran conflict will push up your cost of living?

"Oil prices have jumped after US and Israeli strikes on Iran, with attention focused on the Strait of Hormuz the narrow shipping route through which around a fifth of the world's oil and gas flows. Brent crude has climbed back above $80 a barrel and gas prices have spiked amid concerns about disruption."

"If the conflict drags on, economists warn it could push up food and everyday goods, while delaying hoped-for interest rate cuts keeping pressure on mortgages, rents and borrowing costs. Stock markets have already wobbled, with the FTSE 100 and other major indices falling this week."

Oil prices have surged following US and Israeli strikes on Iran, with Brent crude climbing above $80 per barrel as concerns mount about disruptions to the Strait of Hormuz, through which approximately one-fifth of global oil and gas flows. Gas prices have spiked correspondingly, threatening higher petrol costs and increased household energy bills. Economists warn that prolonged conflict could elevate food and everyday goods prices while delaying anticipated interest rate cuts, maintaining pressure on mortgages, rents, and borrowing costs. Stock market volatility has already emerged, affecting pension holders and investors. Families already experiencing budget constraints from the pandemic and Ukraine conflict face renewed financial uncertainty.

Read at www.independent.co.uk