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Iran War Drives Oil Prices Up, Hits Retailers Hard

3/13/2026

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Summary

Story summary

The ongoing war in Iran disrupts supply chains and energy markets in the UK and U.S., with Brent crude near $120 per barrel.
The closure of the Strait of Hormuz delays shipping and raises transportation costs, lifting prices for food and retail goods.
Analysts warn retailers serving lower-income shoppers may see sales decline as budgets tighten.
If the conflict persists, consumers will bear higher prices on everyday goods.

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Story summary

The ongoing war in Iran disrupts supply chains and energy markets in the UK and U.S., with Brent crude near $120 per barrel.
The closure of the Strait of Hormuz delays shipping and raises transportation costs, lifting prices for food and retail goods.
Analysts warn retailers serving lower-income shoppers may see sales decline as budgets tighten.
If the conflict persists, consumers will bear higher prices on everyday goods.