Middle East crisis pushes up oil prices – and could drive inflation rises too
Effects of extended conflict between US and Iran could also lead to higher interest rates and hit economic growthBusiness live – latest updatesUS-Israel war on Iran – live updatesThe impact of the deadly and unpredictable conflict in the Middle East on the global economy will be felt most...
<p>Effects of extended conflict between US and Iran could also lead to higher interest rates and hit economic growth</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/mar/02/oil-price-us-israel-iran-war-100-dollars-a-barrel-stock-markets-drop-travel-news-updates">Business live – latest updates</a></p></li><li><p><a href="https://www.theguardian.com/world/live/2026/mar/02/us-israel-war-iran-live-updates-attacks-strikes-tehran-lebanon-beirut-hezbollah-dubai-latest-news">US-Israel war on Iran – live updates</a></p></li></ul><p>The impact of the deadly and unpredictable conflict in the Middle East on the global economy will be felt most immediately, and keenly, through the rising cost of oil.</p><p>Prices jumped on Monday, as markets had their first opportunity to digest the weekend’s tit-for-tat attacks. A barrel of Brent crude oil was trading at about $79 (£59)by lunchtime in London, up about $6 or 8.5% on the day.</p> <a href="https://www.theguardian.com/business/2026/mar/02/middle-east-crisis-oil-prices-inflation-us-iran-interest-rates-growth">Continue reading...</a>
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