Iran war economic shock deepens

The economic fallout from the war with Iran is intensifying as the closure of the Strait of Hormuz continues to disrupt global trade.

Prime Minister Keir Starmer has warned British citizens to prepare for long-term price increases on food and fuel, though he urged against panic buying.

Global energy giant BP has seen its profits more than double due to the surge in crude prices, while airlines are considering fuel surcharges.

International organizations have warned that the standoff risks triggering a global food emergency due to the impact on maritime logistics.