Iran tension keeps oil prices high

Oil prices are moving higher as tension and sanctions between the US and Iran escalate, based over Iranian nuclear ambitions.

Iran has threatened to close the Straits of Hormuz, a key oil shipping route, as the US hardline financial sanctions have caused the Iranian Riyal to drop by 10% in a week and have just fired two test rockets with a range of 1,500 miles in response

High energy prices have been partially responsible for the surge in UK inflation, which peaked at 5.2% and on a downward path, currently at 4.8%, so another spike upwards in oil prices will be no help at all, in the UK, or anywhere else outside of the oil producing nations.