WEYMOUTH, ENGLAND - MARCH 19: Petrol pumps are seen with 'Out of Use' signs on at an Esso petrol station, on March 19, 2026 in Weymouth, England. This week, global oil prices rose to their highest levels since 2022 following an escalation of the US-Israel war with Iran. Brent crude, the international benchmark, surged past the $100 mark before dipping below that psychological threshold. Liquid Natural Gas (LNG) prices have also seen a 50% increase since the US and Israel attacked Iran. The war has effectively closed the Strait of Hormuz which sees over a fifth of the global oil and LNG trade pass through narrow gulf. (Photo by Finnbarr Webster/Getty Images)
The Iran war hits inflation
