UK analyst on the surge of oil prices and its impact on cost of living

Описание: (9 Mar 2026)
RESTRICTIONS SUMMARY:

ASSOCIATED PRESS
London - 09 March 2026
1. SOUNDBITE (English) Chris Beauchamp, Chief Market Analyst for IG:
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"Markets are seeing a surge in oil prices we haven't seen in at least four years, really, crossing $100 a barrel. They're finally really waking up to the fact that Hormuz has been closed, effectively, and we've seen a huge drop in the supply of oil coming through this key waterway. So the absence of supply means that prices have rocketed, and that really means that we're now dealing with the specter of inflation for economies around the globe, and indeed markets are now pricing in the possibility of rate hikes by central banks later in the year. It's not just oil prices and it's not just petrol prices. The waterway is key for a whole host of products and also oil used in other industries. So we can expect people to pay more for their petrol, more for the food, more for almost any good you can think of, really. So I think economies around the globe face an inflation shock in a way that we've not seen since Russia invaded Ukraine in 2022. And the risk is now that economies haven't really recovered from that properly. And certainly consumer spending hasn't really recovered fully from those times and the risk is that we have a much weaker economy, less well prepared to face another inflationary shock just the moment the central bank start to think about raising rates. Consumers need to stay sensible and not to panic, but at this point there are serious concerns about people's access to gas supplies for these major economies."

ASSOCIATED PRESS
ARCHIVE: Strait of Hormuz - 19 May 2023
3. Various of tanker ships in strait

ASSOCIATED PRESS
Dhaka, Bangladesh - 8 March 2026
4. Various of motorcycle and car drivers in long queue on road waiting to get fuel
5. Various of people with gas cans

ASSOCIATED PRESS
London, UK - 09 March 2026
6. Various of petrol station
STORYLINE:
A market analyst says the surge in oil prices will impact cost of living in the UK on Monday.

Oil prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.

The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel early in the day but later was trading near $106 per barrel, up 14%, before the opening bell.

"Markets are seeing a surge in oil prices we haven't seen in at least four years," said Chris Beauchamp, chief market analyst for IG.

"We can expect people to pay more for their petrol, more for the food, more for almost any good you can think of, really."

The war’s toll on civilian targets grew as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies.

Bahrain’s national oil company declared force majeure for its shipments after an Iranian attack set its refinery complex ablaze.

The legal declaration releases the company of contractual obligations because of extraordinary circumstances.

Oil depots in Tehran smoldered following overnight strikes by Israel.

Oil prices have surged as the war, now in its second week, ensnares countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

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