Israel-Iran conflict poses new cost of living threat – here’s why

The UK’s cost of living crisis hangover is facing fresh pressure from the Israel-Iran conflict and growing tensions across the Middle East. Whenever the region, particularly a major oil-producing country, is embroiled in some kind of fracas, the potential consequences are first seen in global oil prices. The Middle East accounts for a third of world output. Money latest: ‘Unusual movement’ in house prices Iran’s share of the total is only about 3%, but it is the second-largest supplier of natural gas. Add to that its control of the key Strait of Hormuz shipping route, and you can understand why…