How will the conflict affect my finances?

A major impact of escalating conflict in the Middle East is on the world's oil and gas supplies.

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Higher prices and fewer discounts may be seen in shops

Oil supplies could be affected by the conflict after Iran reportedly warned tankers on the Strait of Hormuz, a crucial shipping route, that no ships would be allowed to pass through.

The Strait of Hormuz is used by tankers carrying about one fifth of the world's oil supplies and seaborne gas.

Furthermore, Qatar's state-backed energy company QatarEnergy said it had halted production of liquified natural gas because of attacks on its facilities, sending global prices spiking.

WHAT DOES THIS ALL MEAN FOR MY ENERGY BILL?

The UK imports oil and liquified natural gas (LNG) from a variety of places, not just the Middle East.

However, if supplies passing through the Strait of Hormuz are disrupted, then demand for alternatives go up and there could be a significant rise in gas and electricity prices, which is what happened after Russia's invasion of Ukraine in 2022.

David Aikman, director of the National Institute of Economic and Social Research, warned: "If it persists, it will raise household bills and business costs in the months ahead, putting renewed upward pressure on inflation."