Oil prices spike as global economy feels effects of Iran war

The EU Commission president Ursula Von Der Leyen has said the decision to reduce Europe’s nuclear energy production was a strategic mistake. It comes as fears of tankers being attacked while transiting the Strait of Hormuz are not just influencing oil’s spot price… they are now It’s now having real world consequences for political decisions and consumer behaviour Many governments are scrambling to shore up stocks of oil, natural gas and other fossil fuels, while others are resorting to deliberate price increases… And in some instances, authorities have introduced rationing – leading to queues at petrol stations. Simon Anderson reports.