The recent surge in oil prices, triggered by the US-Israel war with Iran, has sent shockwaves through global markets. As the conflict rages on, with Iran retaliating and Israel striking Lebanon, the price of oil has been on a rollercoaster ride, reaching a staggering $120 a barrel before dropping below $90. This volatility has had a direct impact on gas prices, which have also seen a significant drop, but remain well below the peak reached in 2022. The situation is further complicated by the ongoing attacks on Gulf nations, with Saudi Arabia, Kuwait, and the United Arab Emirates reporting intercepts of ballistic missiles and drones. The US embassy in Beirut has urged its citizens to leave Lebanon or 'shelter in place', while Israel continues to order the evacuation of southern Lebanon. The war has also led to power cuts in Iran, with the national energy company acknowledging damage to power network facilities. The conflict has also had a personal toll, with Iran's new supreme leader, Mojtaba Khamenei, facing an existential battle and dealing with the loss of his father, mother, wife, and son in an Israeli strike. As the situation unfolds, the question remains: will petrol prices fall, or will the global economy continue to bear the brunt of this volatile conflict?
