Today in Focus How much worse could Iran war make the cost of living crisis? – The Latest
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Mar 11, 2026 
Rupert Jones, deputy editor of the Guardian’s Money section who analyzes how geopolitics hit household finances. He discusses market turmoil from the Iran conflict. Energy bills, petrol prices and mortgage repricing come under the microscope. Risks around the Strait of Hormuz and wider inflation impacts are explored.
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Multiple Cost Pressures Hit Households
- The Iran war is hitting multiple household costs simultaneously, from petrol to mortgages to energy bills.
- Rupert Jones says the off-gem price cap gives short-term protection until end of June, but July–September could see ~10% higher bills if pressures persist.
Compare Fuel Prices Before Filling Up
- Check and shop around for petrol and diesel prices because forecourt rates rose quickly after the conflict.
- Use petrol price apps and local comparisons to avoid paying the higher average (unleaded ~132–140p, diesel ~142–155p per litre).
$100 Oil Would Sharpen Price Jumps
- Oil price movements determine how far pump prices may rise, with a key psychological level near $100 a barrel.
- Jones observed oil around $90 a barrel; sustained >$100 could push petrol towards 150p and diesel toward 180p per litre.