Gas, oil prices soar and shares tumble over Iran-US conflict fears

Key Takeaways

• Gas prices surged over 46% in the UK, reaching a three-year high, while Brent crude oil briefly exceeded Ksh11,000 per barrel due to escalating Iran-US conflict fears.
• Global stock markets experienced significant declines, with the Dow Jones Industrial Index plunging over 2% and similar drops in the S&P 500, Nasdaq, and European markets.
• Investors are concerned about the potential economic repercussions of the conflict, including its impact on inflation and interest rates, drawing parallels to the energy price hikes following Russia's invasion of Ukraine.
• The UK's Office for Budget Responsibility warned that the conflict's escalation could significantly disrupt its fiscal forecasts and have 'very significant impacts on the global and UK economies'.