Oil price rise risks ‘adverse shock’ to global economy – business live

News Snapshot:

02.27 EDT Introduction: Oil price rise is "adverse shock" to global economy. Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. With the oil price rising again today, as attacks between Israel and Iran continue, economists are warning that the global economy faces an adverse shock, at an already difficult time for growth. Oil prices have risen this morning, up around 1%, as the conflict between the two countries enters a fourth day. Fears of disruption to supplies – a risk, if the Strait of Hormuz was to be closed – are...