economy
April 2, 2026
Starmer and Albanese warn citizens the worst is yet to come
British Prime Minister Keir Starmer and Australia’s Anthony Albanese have told their citizens to prepare for economic hardship as the US-Israeli war with Iran continues
TL;DR
- The US-Israeli war with Iran has caused the most severe energy crisis since the 1970s.
- The Strait of Hormuz is effectively closed due to Iranian attacks and issues with Western insurers, impacting global oil transit.
- Qatar has halted LNG production, further contributing to the energy crisis.
- Brent oil prices are above $100 per barrel, and gas prices have surged in the EU and UK.
- The EU, UK, and Australia are particularly affected due to their sanctions on Russian oil and gas.
- British and Australian leaders blame Iran for the closure of the Strait of Hormuz, despite not condemning US or Israeli involvement.
- Fuel prices have increased significantly in the US, UK, and Australia, with Russia experiencing a decrease.
- US President Trump predicts the conflict's end in weeks but has varied messaging, while Iran denies requesting a ceasefire.
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