How high could oil prices go – and what might the global economic fallout be?

Economists say a prolonged conflict could have serious consequences for living standards around the world. Photograph: Olivier Hoslet/EPA

Fears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result of the US-Israel war with Iran.

Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a renewed inflation shock.