Oil surges after Israel’s attack on Iran, risking ‘stagflationary shock’ – business live

Rolling coverage of the latest economic and financial news

Israel launches strikes on ‘dozens’ of targets in Iran, targeting nuclear programme

Budget airline Wizz, whose shares are down almost 5% today, says it has suspended flights to Tel Aviv and re-routed flights affected by closed airspace in the region for the next 72 hours.

The jump in the oil price today, following Israel’s attack on Iran, is a “bad shock for the global economy at a bad time”.

For the average consumer, they will be looking at more income uncertainty. They will be looking at higher petrol prices, and in the UK, they’re probably looking now at higher risk of taxation in October.

So whatever way you look at it, it’s negative short term, it’s negative longer term.