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

Group 1: Oil Price Projections - Oil prices could rise to $100 a barrel if the US conflict with Iran continues, impacting the global economy significantly [1] - Brent crude oil prices are expected to increase to about $80 per barrel even with limited strikes [2] - A prolonged conflict could add 0.6 to 0.7 points to global inflation, with natural gas prices likely to rise as well [3] Group 2: Impact on Shipping and Trade - Wider disruptions to commercial shipping and air freight could create additional costs for the UK economy [2] - Maersk has begun rerouting commercial container vessels away from the Suez Canal, opting for a more expensive route around Africa [5] - Many tankers are hesitant to travel through the Strait of Hormuz, leading to congestion in the area [6] Group 3: Iran's Oil Production and Economic Impact - Iran produces about 4% of the world's oil, making it the fourth-largest supplier in OPEC, with production estimates around 4.7 million barrels a day [7][8] - The Iranian regime earned more than $70 billion from oil exports last year [7]