Lindsay James

"Gasoline prices remain up almost 50% in 12 months in some states, and even if the US and Iran can come to some sort of resolution, the price rises are increasingly looking higher for longer."

"Instead, we are likely to see a conservative outlook from the Federal Reserve when it meets in a fortnight."

"The latest data out this morning, however, has put a swift end to that picture."

"based on glimmers of hope that both sides remain keen to make a lasting peace deal."

"It is hoped that much of this economic shock will be short-lived, provided the conflict does not drag on."

"Tensions remain ratcheted up [despite the ceasefire]... even with any resolution, things are unlikely to go back to normal and we should now have to get familiar with elevated oil and gas prices for the foreseeable future."