Summary
The ongoing conflict in Iran could impact daily life worldwide by increasing energy and shipping costs. Fuel prices have already risen, and disruptions in shipping routes may lead to higher prices for goods.
Key Facts
- The conflict in Iran is affecting global energy supplies and shipping routes.
- Petrol and diesel prices have increased in the UK and US due to the crisis.
- UK gas prices have almost doubled since Saturday, but are still below 2022 peak levels.
- The UK government has an energy price cap to protect consumers from immediate price hikes.
- Shipping through the Strait of Hormuz has slowed, raising global transport costs.
- The cost of hiring a supertanker from the Middle East to China reached a record high.
- Rising shipping costs could cause gradual increases in consumer prices globally.
