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The Guardian - UK
The Guardian - UK
Business
Heather Stewart

UK must be prepared for a price shock from the Iran war

Someone puts fuel in a car at a petrol station
The impact of the Middle East conflict has already added 3p to the cost of a litre of unleaded petrol, according to the RAC. Photograph: Neil Hall/EPA

Donald Trump’s assault on Iran and the deadly conflict it has unleashed is grim and unprecedented – but there is a familiarity to its economic consequences: brace yourself for another price shock.

From the Covid shutdown and subsequent reopening to Russian tanks rolling into Ukraine, the global economy has been rocked by one cost surge after another.

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