Inflation spike: Oil prices could derail economy, Treasury warns

AI Summary

Oil prices have surged by 28% following the renewed conflict between the US and Iran, prompting concerns from the Treasury about significant economic downturns. This escalation threatens to exacerbate inflation and impact the global economy adversely.

Oil prices have soared 28 per cent since the US and Iran renewed hostilities. Treasury fears this will come with a large economic price tag.