00:00Gas prices have surged massively and stock markets have fallen as fighting between Israel,
00:06the United States and Iran intensifies. UK wholesale gas briefly jumped above 165 pence
00:13a therm, its highest level in three years before easing back down again. Brent crude rose above
00:19$85 a barrel. Traders are reassessing the economic risks as shipping through the Strait of Hormuz
00:27stores. About a fifth of global oil and gas supplies pass through that route. The Office
00:32for Budget Responsibility warns that prolonged disruption could have very significant impacts
00:38on the UK economy, including on inflation, interest rates and also on household energy bills.
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