The conflict in Iran is creating ripples that could impact daily life globally, with potential consequences for fuel prices, shipping costs, and even the cost of fertilizers.

• Petrol and diesel prices have already seen an increase, with average prices in the UK rising by 3p per litre for petrol and 5p per litre for diesel between Saturday and Thursday. US petrol prices are up approximately 23 cents per gallon.
• UK gas prices have nearly doubled in less than a week, but remain significantly below the peaks seen in 2022.
• Shipping costs are rising, with chartering a supertanker now costing over $400,000 per day, a near doubling from last week, and this could translate to higher consumer prices later.
• Fertiliser prices are up by 21% in a week, driven by reduced production and transport issues through the Strait of Hormuz.