Key facts
- Crude oil prices rose to $97 per barrel.
- Tensions in the Middle East are escalating.
- Iran has reportedly ceased communication with the US.
- Manufacturers are experiencing the largest monthly jump in costs in four years.
- Supply chain delays have reached their highest level since 2022.
Escalating geopolitical tensions in the Middle East, particularly involving Iran, have led to a significant rise in crude oil prices. This conflict is also exacerbating global supply chain issues, causing a surge in energy and raw material costs for manufacturers. The impact is being felt across markets, including the UK housing sector, which is experiencing falling prices amidst these broader economic pressures.