How the Israel-Iran conflict could affect energy prices

ISRAEL: Israel’s strikes on Iran, and Iran’s response, initially caused a shudder on global financial markets.

The price of oil in particular surged, but after a weekend of missile and drone strikes between the two countries the cost of crude has fallen back.

Nevertheless, oil prices are $10 higher than they were a month ago and there are renewed fears increased energy costs could make everything – from petrol and food to holidays – more expensive around the world, including in the UK.

That is what happened after Russia invaded Ukraine three years ago, affecting people’s lives around the globe.