UK analysts predict 'DEVASTATING' new cost of living CRISIS amid escalating war in Iran скачать в хорошем качестве

UK analysts predict 'DEVASTATING' new cost of living CRISIS amid escalating war in Iran

Oil prices rocketed towards $120 a barrel before retreating on Monday, as the war involving Iran intensified—threatening Middle Eastern production and shipping and hammering global markets. Brent crude, the international benchmark, spiked to 106 a barrel—still up roughly 14%—ahead of the opening bell. “We’re seeing an oil price surge not witnessed in at least four years,” said Chris Beauchamp, chief market analyst at IG. “Expect to pay more for petrol, more for food—more for almost any good, really.” Beauchamp linked the jump to Iran’s effective closure of the Strait of Hormuz, the chokepoint through which about 20% of the world’s oil flows. “That means the spectre of inflation is back for economies worldwide, and markets are now pricing in the prospect of central bank rate hikes later this year,” he said. He added that the shock rivals the inflation jolt after Russia’s invasion of Ukraine in 2022—a blow from which economies and consumers have yet to fully recover. On Monday, Bahrain’s national oil company declared force majeure on shipments after an Iranian attack ignited its refinery complex. The move frees the company from contractual obligations due to extraordinary circumstances. Meanwhile, oil depots in Tehran smouldered after overnight Israeli strikes. Read Daily Express: https://www.express.co.uk Like Daily Express on Facebook:   / dailyexpress   Follow Daily Express on X: https://x.com/Daily_Express Follow Daily Express on Instagram:   / dailyexpress   #DailyExpress #News #ukeconomy #ukgdp #costofliving #keirstarmer #labour #ukpolitics #iran #iranwar #middleeast #middleeastconflict #oil