Qatar's energy minister has warned that this conflict in the Middle East could bring down economies of the world.
If you talk to economists or people in geopolitics and ask
if they had a list of the scariest kind of scenarios that could happen with the global economy,
the closure of the Straits of Humuz would always be up there in the top five.
Oil prices rising quite considerably just in the last 24 hours.
What we're doing is monitoring the risk.
working with others to mitigate the risk.
The Chancellor is talking to the Bank of England every day to make sure that we're ahead of that.
The movements that we have already seen are likely to put upward pressure on inflation in the coming months.
It's been a pretty wild time, but it's going very well.
Welcome to The State Of It,
the political podcast from The Times and The Sunday Times that promises to take you inside the corridors of power where the decisions are made and tell you what is actually going on in government.
I'm Stephen Swinford, political leader of The Times.
I'm Patrick McGuire, Chief Political Commentator for The Times.
And I'm Gabriel Pogrand, Whitehall Editor at The Sunday Times.
And this week we are obviously going to be talking about Iran, its ramifications and the economy.
It is the economy stupid, as we often say in these moments,
which is this juggernaut coming down the tracks in terms of the impact.
And then we're going to talk about the special relationship.
Starmer has spoken to Trump,