How the Israel-Iran conflict could affect energy prices

The Israel-Iran conflict has caused a sharp surge in oil prices, impacting global financial markets. The rise in oil prices could lead to increased costs for petrol, food, and other consumer goods. However, the impact on prices will depend on the duration of the conflict and potential disruptions to oil shipping routes like the Strait of Hormuz. Despite concerns, global oil producers have the capacity to increase supply, which could help stabilize prices and lessen the impact on the global economy.