How US strikes in Iran could hit your wallet

Over the weekend, the USA launched military strikes on Iran – and while the action is thousands of miles away, it could still end up hurting your finances here at home.

Whenever there’s conflict in the Middle East, one thing’s pretty much guaranteed: oil prices go up. And when oil gets more expensive, so do lots of things – like petrol, energy, food and flights.

We break down how this could affect your bills – and what help’s out there if you’re already struggling to keep your head above water.

Petrol prices could shoot up

Iran is one of the world’s biggest oil producers. Any sign of war in the region can send global oil prices soaring and that means we could see prices rise at the pump.

If you drive to work, do the school run, or rely on your car for shopping or care responsibilities, this could put serious pressure on your monthly budget.

What you can do:

• Keep an eye on petrol prices near you using sites like PetrolPrices.com
• Try driving more efficiently (think slower speeds and less harsh braking)
• If you’re on a tight budget, look into whether car-sharing or public transport could work for some trips

Your energy bills could rise again

We’re still in the thick of a cost-of-living crisis – and tensions in oil-producing areas like Iran could push wholesale energy prices back up again.

Even though the energy price cap is set to drop on 1 July, many of us won’t feel much better off. Bills are still high, standing charges haven’t gone down, and energy debt is rising fast. Any further increases could be the tipping point for households already stretched to the limit.

What you can do:

• Make sure you're on the cheapest tariff – use Energy Helpline for advice
• Check if you qualify for help through your supplier’s hardship fund – we’ve got a full list here: Energy company support schemes
• Turn appliances off at the wall and cut back on standby costs

Food prices could rise too

Oil doesn’t just power cars and heat homes; it’s used in farming, transporting food, and packaging. So if oil prices go up, food prices usually follow.

That’s bad news when many of us are already feeling the pinch at the supermarket.

What you can do:

• Switch to own-brand products where you can
• Look for yellow sticker discounts – especially later in the day
• Try free food apps like Olio and Too Good To Go to get food that would otherwise go to waste
• If you’re really struggling, get a referral for support from a local food bank

Struggling already? You’re not alone

If you’re already behind on bills or drowning in debt, news like this can feel overwhelming.

You might be worried about how you’ll cope if prices go up again, especially if you’re living in a budget deficit.

We’re here to help

We can help you get back on track, whether that’s debt support, a personalised budget, or determining whether you’re missing out on benefits.