
From petrol prices to mortgage rates, the US-Israel 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.
Fuel prices for motorists
Drivers may have already noticed that prices at the pump are on the rise.
By Friday, average petrol prices hit 150.11p a litre, up by 17.3p since the start of the conflict, while diesel had increased by 35.3p to 177.68p, the RAC motoring organisation said.
Earlier this month, the increase in pump prices triggered a row between petrol retailers and the government. Retailers accused the government of using "inflammatory language" by suggesting firms were profiteering from the oil price surge.
According to analysts, every $10 increase in oil pushes up pump prices by roughly 7p a litre.
Crude prices have risen sharply since the start of the war, although they are volatile as they react to the status of the conflict and commentary from the White House.
While motoring organisations say that there are plenty of supplies, they are encouraging people to reduce non-essential journeys. They also suggest people amend their driving style, by not accelerating or braking too hard to conserve fuel.
Not everyone has a car or may not use one for a daily commute. However, when petrol rises, it can carry through to higher prices for goods and services.
For example, if transport costs for supermarkets increase that could then be reflected in the cost of food.
Cost and choice of mortgages
Before the war began, there had been a hope and expectation of a steady fall in the interest rates charged on new, fixed mortgages, as well as lower variable rates.
Now, the opposite is happening.
Lenders have raised rates quickly, owing to their own funding costs rising and an expectation that the base borrowing rate will not fall as previously anticipated.
The average two-year fixed rate has jumped from 4.83% at the start of March to 5.75% now, its highest since last March, according to the financial information service Moneyfacts. The cheapest deals have risen the fastest.
For those looking for a five-year deal, the average rate has gone up from 4.95% to 5.69% over the same period and is now at its highest level since July 2024.
At times of economic uncertainty, lenders pull mortgage products off the shelves, reducing choice.
There are now 1,620 fewer residential mortgage products on the market, according to Moneyfacts, although that still leaves more than 6,000 deals to choose from.
LATEST POSTS
- 1
Faulty glucose monitors linked to 7 deaths and more than 700 injuries, FDA warns - 2
Genesis Marks 10th Anniversary With Magma GT Concept Aimed at High-Performance Flagships - 3
Eco-Accommodating Kitchen Machines: 4 Picks for a Manageable Home - 4
'Sex and the City' star Kim Cattrall marries longtime partner Russell Thomas in intimate London wedding - 5
Bother Control Administrations for 2024: Decide for Your Home
A quick recap of 'Stranger Things' Seasons 1-4, plus key episodes to rewatch before Volume 1 of the final season drops
Tuesday, April 7. Russia’s War On Ukraine: News And Information From Ukraine
What is colostrum? And should you be taking it?
6 Famous Cell phone Brands All over The Planet
Prehistoric wolf’s gut frozen in time reveals an ice age giant
RFK Jr. wants to scrutinize the vaccine schedule – but its safety record is already decades long
Minneapolis ICE shooting live updates: Protests continue over agent's killing of Renee Nicole Good; Walz puts National Guard on standby
6 Monetary Arranging Administrations for Your Necessities
A Timeline of Rising Antisemitism in Australia











