play Live Sign upShow navigation menuplay Live Click here to searchsearchSign upplay videoplay videoVideo Duration 02 minutes 08 seconds play-arrow02:08Counting the CostCould the US-Israel war with Iran fuel global inflation?Oil prices are swinging as markets react to every twist in the conflict.
The United States and Israel’s war on Iran has caused the largest energy supply shock in decades.
The Strait of Hormuz is in effect closed, and attacks are being carried out on energy facilities in the Middle East, rattling oil markets.
From Americans filling their tanks at the pump to European factories and Asian economies, the impact is already being felt.
US President Donald Trump says the rise in oil prices is a “very small price to pay” for “safety and peace”. But investors warn that if the conflict drags on, there’s danger of stagflation.
