The impact of the deadly and unpredictable conflict in the Middle East on the global economy will be felt most immediately, and keenly, through the rising cost of oil.
Prices jumped on Monday, as markets had their first opportunity to digest the weekend’s tit-for-tat attacks. A barrel of Brent crude oil was trading at about $79 (£59) by lunchtime in London, up about $6 or 8.5% on the day.
