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US-Israel war with Iran could plunge the global economy into recession, with the UK set to be the hardest hit of the world's advanced economies**.** Reeves said she was "not convinced that this
US-Israel war on Iran](https://www.theguardian.com/world/us-israel-war-on-iran).** Earlier on Tuesday, the International Monetary Fund (IMF) [cut its growth forecasts for 2026](https://www.theguardian.com/business/2026/apr/14/iran-war-global-recession-imf-uk-growth-forecasts-oil-prices) based on the impact of the war and said
gas prices would certainly feed through to prices. But other factors made a decision on rates "very, very difficult", he said ahead of the next decision on 30 April. The [IMF warned on Wednesday
conflict, referencing US and Israeli attacks in Iran and Lebanon, including a February airstrike that killed [at least 175 people](https://www.theguardian.com/world/2026/mar/11/iran-war-missile-strike-elementary-school) at an [Iranian elementary school.](https://www.theguardian.com/global-development/2026/mar/03/minab-school-bombing-how-the-worst-mass-casualty-event-of-the-iran-war-unfolded-a-visual-guide) “I’ve just been
impact on consumers would be less severe. Oil has risen close to $120 during the Iran conflict but has since fallen back, although it remains above pre-war levels, and [on Tuesday, a barrel
gas prices yet again - The ceasefire collapses, full-scale war breaks out again between the US and Iran, also impacting places like Dubai, Bahrain, Kuwait and Saudi Arabia The US Navy Commander's handbook
conflict in the Middle East was hitting living standards worldwide and required urgent de-escalation. “First and foremost in my mind are families and businesses in the UK are having to deal with higher prices
conflict is over," he said. Kristalina Georgieva, IMF managing director told me, the world faced a "slower moving shock" while the World Bank's president Ajay Banga told me about the impact on economically poorer
impact on domestic bills. The start of the war in Iran pushed oil and gas prices sharply higher, though they did not reach the same levels as during the aftermath of Russia's invasion
gas prices. [Elaine Kamarck](https://www.brookings.edu/people/elaine-kamarck/), a former official in the Bill Clinton White House, said: “He’s in the most serious trouble he’s been in, and that includes his first term, where
price increases, fertiliser shortages and stock market volatility – the effects have been felt faster than in most previous conflicts. Why? There are few clear answers — but analysts say several factors might help explain why this
impact of the United States-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy. The war has damaged energy infrastructure across the Gulf, while critical exports like