Joel Hills explain what’s going on as prices fluctuate once again following Iran’s attack on US bases in Qatar and Iraq.
The world is, in theory, trying to wean itself off its dependence on hydrocarbons but oil remains the lifeblood of economic growth.
And when it comes to oil, there are two types of countries: those that produce it and those that consume it. The UK is a consumer.
A sustained spike in oil prices would push up the price of petrol and diesel at the pumps here and inflation more generally.
The conflict between Iran and Israel, now joined by the United States, has the potential to cause another energy price shock at a time when households in the UK are still feeling bruised by the last one, triggered by Russia’s invasion of Ukraine.
• Subscribe to ITV News on YouTube: http://bit.ly/2lOHmNj
• Get breaking news and more stories at http://www.itv.com/news
Follow ITV News on TikTok https://www.tiktok.com/@itvnews?lang=en
Follow ITV News on Instagram: https://www.instagram.com/itvnews/
Follow ITV News on Facebook: https://www.facebook.com/itvnews/
Follow ITV News on X: https://twitter.com/itvnews
