UK economy faces recession as energy costs soar amid war on Iran

In Iran and the Strait of Hormuz on 13 July 2026, Trump declared the US blockade of Iran back and said the US is the 'guardian' of Hormuz. He said the US will charge fees of 20% on all cargo ships in the strait, and the US resumed strikes on Iran. Iran also responded to the fee demand.

Oil rose and shipping in the Strait of Hormuz slowed after renewed US-Iran attacks. Press TV wrote that the UK economy faces recession as energy costs soar amid the war on Iran.