Global stock markets showed mixed reactions amid the escalating conflict. 90. 78.
99. Wall Street finished its first winning week since the start of the Iran war. In the UK, fuel prices and inflation expectations rose due to the war.
23p as of Friday morning. 6p since the war began, according to RAC figures. 7% in the next year.
Crude oil prices could reach $150 per barrel in the coming weeks if tankers cannot pass through the Strait of Hormuz. This could collapse the world's economies.
UK inflation was 3% in March before the impact of the war filtered through. Before the conflict, the Bank of England had forecast CPI inflation would fall to its 2% target in Q2 2025. 3%.
According to multiple reports, Brent crude price has risen more than 50% since February 28 when the war began. Qatar's Energy Minister Saad al-Kaabi said crude oil prices could reach $150 per barrel in the coming weeks if tankers cannot pass through the Strait of Hormuz. The US-Iran conflict has spread across the Middle East, disrupting energy production and bringing traffic in the Strait of Hormuz to a near standstill.
Trump posted footage on social media boasting of the collapse of Iran's biggest bridge and threatened 'much more to follow'. He said US forces would keep hitting Iran 'very hard' in the next two to three weeks and take the country 'back to the Stone Ages'. According to CNBC, Trump demanded unconditional surrender from Iran.