There are fears the war against Iran could trigger another global cost of living crisis. The price of oil soared to $120 per barrel on Monday but fell below the $100 mark after Donald Trump said the conflict could end soon. The reduction of traffic through the crucial Strait of Hormuz is also impacting commodity prices - that could soon spike inflation around the world, a rise that would affect global interest rates, mortgage payments and rents. Iran war latest: https://news.sky.com/story/iran-latest-trump-tehran-israel-strikes-us-drone-live-sky-news-13509565 #skynews #morningswithridgeandfrost #iranwar #israeliranconflict #oil #globaleconomy #inflation Follow us on X: https://x.com/RidgeandFrost Follow Sophy on Instagram: https://www.instagram.com/sophyridge/ Follow Wilf on Instagram: https://www.instagram.com/wilfredfrost/ Listen to Cheat Sheet here: https://podfollow.com/cheatsheet/ For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales