Trump’s Iran strikes threaten to send petrol prices soaring and rip through global trade

Iran produces about 4pc of the world’s oil - Raheb Homavandi/Reuters Oil prices could jump as high as $100 a barrel if the US conflict with Iran does not end quickly, wreaking havoc on the global economy. As missiles fly over one of the world’s major choke points for oil and gas, Brent crude could surge from the current $73 a barrel – with gas prices following suit. That would stoke inflation in Britain, sapping economic growth and potentially pushing up interest rates. Wider disruptions to commercial ...