All we all know as Iran struggle may result in surge in worth of petrol, vitality payments and mortgage

Need to know

The US-Israeli airstrikes on Iran have led to a dangerously out of control situation in the Middle East with missiles being fired all over the Gulf region, posing a risk to the price of oil

Here is everything we known about the implications of the Iran war for Brits

1. The last thing Brits need is more financial pain after the pandemic-fuelled cost of living crisis pushed the UK economy to the brink. But the war in the Middle East is threatening to do exactly that.
2. The joint strikes on Iran by the US and Israel which saw the Middle Eastern country’s leader, Ayatollah Ali Khamenei, killed and the subsequent retaliatory strikes by Iran on a number of their neighbouring oil-rich Gulf states has already seen a knock-on effect on the world economy and especially the oil and gas prices.
3. From mortgages to bills to trips abroad, here is exactly how the conflict could affect you over the coming weeks and months.
4. Brits are becoming more and more familiar with eye-watering rises in their energy bills, and unfortunately the situation in the Middle East will likely see even greater rises than we’ve seen before.
5. The region is one of the largest producers of liquified natural gas, which provides a large portion of our total energy. Disruptions caused by the conflict will make production of liquified natural or seaborne gas much harder, as well as put pressure on its transportation.
6. The biggest risk relates to a body of water called the Strait of Hormuz, which allows tanker to transport oil to Europe and beyond fairly easily. The Strait is located off the coast of Iran, meaning any ships sailing through it would be at serious risk of attack.

READ THE FULL STORY HERE: What Iran war could mean for Brits – surging petrol prices and mortgage costs to energy bills doubling