Crude oil prices have risen by as much as 10% following the outbreak of war in the Middle East, with joint U.S.-Israeli strikes on Iran resulting in a significant response from Tehran. Despite this, prices have cooled slightly but remain elevated. Global Brent crude prices initially topped $80 per barrel this morning, but have since fallen back to about $79. This is significant for inflation watchers and interest rate markets as crude prices are now significantly positive year-on-year for the first time in over a year. Meanwhile, the situation in the U.K. situation is complicated as U.N. Treasuries have rallied due to credit concerns, AI-related stock market hits and the risk of an Iran conflict.