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How the Iran war may affect your bills and finances

BBC News·@Bbc·2 months ago
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From petrol prices to mortgage rates, the US-Israeli war with Iran has already had an impact on people's finances in the UK. How deep and sustained that turns out to be depends on the duration of the conflict and how quickly supply lines and economies can recover. Here are some of the areas to watch out for. Drivers may have already noticed that prices at the pump are on the rise. By Sunday, average petrol prices had ticked up by 4.68p to 137.51p a litre, while diesel had increased by 8.59p to 150.97p, the RAC motoring organisation said. According to analysts, every $10 increase in oil pushes up pump prices by roughly 7p a litre. With crude having jumped more than $30 since the start of the war, average petrol prices of more than 140p a litre look inevitable, while 150p per litre could soon be breached if oil doesn't fall back. While motoring organisations say that there are plenty of supplies, they are encouraging people to reduce non-essential journeys.…

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