Iran Conflict: Fuel, Gas, Food Prices Soar

0:00It's March 6th, here's what's happening around the world. The recent flare-up in the Iran conflict is rippling through global energy markets and could hit everyday while it's hard. The Middle East handles a huge chunk of world oil gas and shipping, so disruptions there mean higher costs for fuel, heating, groceries, and more. Prices are already climbing in places like the UK and US, with experts watching closely for bigger jumps. Fuel prices kicked off the worry, rising right away as oil production and transport slowed. In the UK, average petrol hit 132 pence per liter and diesel 142 pence by Monday, of three pence for petrol, and five pence for diesel over the week. US petrol climbed about 23 cents per gallon, and diesel 41 cents compared to last week, though still milder than the 2000, 22 spikes after Russia's Ukraine invasion. Gas prices in the UK nearly doubled in days, peaking above 165 pence per therm before easing

1:00a bit. Shoppers are shielded short-term by the energy price cap until July, but shipping costs have doubled too, with super tankers now over 400, thousand dollars a day from the Middle East to China, that could push up import prices gradually over months. Fertilizer costs jumped 20% in a week to $567 a ton, thanks to halted routes like the Strait of Hormuz and issues at Qatar facilities. Farmers rely on this for crops, so food prices might follow, but not instantly. Meanwhile, inflation's recent drop from 3% in the UK last February to hopes of 2% soon now looks shakeier. Central banks may hold off on rate cuts, or even hike them to fight fresh pressures, meaning priceier mortgages but better savor returns. It's early days, and impacts hinge on how long the conflict drags, but families should brace for steadier squeezes at the pump and check out. A quick thank you to our sponsor of today's episode. A pillow that plays your sound quietly, comfortably, effortlessly, built for nighttime listening,

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