Oil stands at about $110 a barrel and some forecasts have predicted it could reach $150. Food prices are on the rise and are expected to leap further owing to the fertiliser supply crunch, leading the World Food Programme USA to warn that global food insecurity could reach record levels, with 45 million more people pushed into acute hunger. Industries from steel to chemicals have alerted markets that they face shortages and soaring costs, while households across the world are feeling the pinch – people have been told to turn down their thermostats, take the bus or cycle, and cut their speed on motorways.
The impact of the US-Israel war on Iran – the third global shock in six years, after Russia’s full-scale invasion of Ukraine and the Covid-19 pandemic – has laid bare how reliant our economies still are on fossil fuels. Simon Stiell, the UN climate chief, said in March: “Fossil fuel dependency is ripping away national security and sovereignty and replacing it with subservience and rising costs.”
