Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped. The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses. The biggest hit for the Japanese manufacturer was a 400bn yen (£1.9bn) increase in materials costs linked to the war, while it lost another 270bn yen in lower sales. Toyota is the dominant automotive brand in the Middle East. Toyota’s operating profits dropped to 3.8tn yen for the year to March, with Donald Trump’s tariffs costing it 1.38tn yen. The US-Israeli attacks on Iran, and the consequent closure of the strait of Hormuz, have roiled global industry.…