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Fri, 06 Mar 2026

Fri, 06 Mar 2026 Five ways the Iran war could affect you - in charts

With fuel and gas prices having risen in recent days, here are some ways the conflict could affect households.

* Fuel prices rise: The crisis has caused an immediate rise in fuel prices, with petrol costs up by 3p per litre and diesel costs up by 5p per litre in the UK, and average petrol prices up approximately 17p per gallon and diesel up approximately 41 cents per gallon in the US.
* Higher shipping costs: The Strait of Hormuz has almost completely stopped after Iran's threats to "set fire" to ships, causing about 200 tankers to be stranded. This has led to significant rises in insurance premiums for vessels considered American, British, or Israeli, and increased costs for hiring supertankers.
* Potential shortages of fertilisers: The halting of traffic through the Strait of Hormuz has prompted fears of shortages and increased prices of fertiliser ingredients, which are crucial for food production.
* Higher supermarket prices: While it is too early to tell if the rise in fertiliser prices will translate to higher prices on supermarket shelves, experts warn that any change won't be instant. Inflation, the rate that prices rise, has been falling in recent months, but there are concerns the war could reverse this trend.
* Higher interest rates: If inflation rises due to the conflict, central banks across the world may be less likely to cut interest rates, meaning more expensive mortgage rates for people on deals that "track" the BoE's rate and those fixing new deals.