Lower energy prices have been a rare bright spot for US consumers dealing with heightened inflation. After Israel’s strike on Iranian targets, that may well reverse.
The Iran shock presents two risks to the price of oil, which rose 8 per cent to $74 a barrel on Friday morning, a sizeable jump for a single day. The first is that, in the context of the rising hostilities, Iran’s current crude exports, which have already been softening, could fall further.

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