Crude oil prices have surged approximately 50% since the United States and Israel commenced joint aggressions against Iran, according to Al Jazeera.
Natural gas prices in Europe experienced a dramatic jump in March, reaching increases of over 60% in some regions.
At least 95 countries have witnessed gasoline price hikes following the US and Israeli attacks on Iran. Some nations delay the announcement of price changes until the end of the month, suggesting further increases are anticipated in subsequent months.
Shipping companies have halted passage through the Strait of Hormuz, a critical waterway for approximately one-quarter of the world's oil shipments, in the wake of the conflict.
The British newspaper the Telegraph also reported that over 100,000 Britons face potential job losses in the coming months. Experts predict that the labor market crisis in the UK will worsen due to the US war with Iran.
Citing the national statistics office, the Telegraph noteed that the UK’s unemployment rate has reached 5.2%, the highest in five years.