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The Guardian - UK
The Guardian - UK
Business
Richard Partington and Jillian Ambrose

Financial markets could still avoid panic amid oil price risk in Middle East crisis

Oil Iran Middle East Israel Lebanon Missile
Black smoke billows from a large oil tanker which is being towed for salvage
A Greek-owned oil tanker, the Sounion, was attacked by Houthi rebels in the Red Sea in August. Iran has been backing the Houthis in Yemen. Photograph: Eunavfor Aspides/AFP/Getty Images

As Israeli troops moved into Lebanon and Iran launched a missile attack on Israel, the risk of a jump in oil prices that could trigger another global inflation shock appeared to be materialising.

Oil prices rose by more than 4% to about $75 a barrel on Tuesday.

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