Investors find no peace with panic over war

PENSION and ISA investors are facing a summer of uncertainty, as the crisis in the Middle East threatens yet more stock market turmoil.

- By Harvey Jones

Markets bounced back quickly after US President Donald Trump’s trade tariffs, only to be plunged into shock when Israel attacked Iran.

If Iran retaliates by blocking the Strait of Hormuz, a key route for global oil shipments, JP Morgan warns the price of crude could rocket to $120 or even $130 a barrel.

That's more than double the $61 it cost at the start of June, and would light a rocket under UK fuel prices, squeezing both consumers and businesses.

Susannah Streeter, from Hargreaves Lansdown, said around a fifth of global oil supplies pass through the Strait.

"The oil price is already up around 12% to $75 since hostilities erupted and could head higher if the Strait is targeted," she adds.