Gas and Oil Prices Soar as Conflict Escalates, Shares Tumble

Gas and oil prices surge as the Middle East conflict intensifies, impacting global stock markets. The UK's gas price reaches a three-year high, while Brent crude oil hits an eight-month peak. US and European stocks plummet due to concerns over inflation and interest rates. The situation echoes Russia's invasion of Ukraine, potentially disrupting energy costs worldwide. Experts warn that shipping through the Strait of Hormuz is at risk, with carriers cautious and insurance companies hesitant.