Donald Trump’s decision for the US to bomb Iran has seen fears of a crisis in the Middle East deepen, with the world braced for a counter attack from Tehran.

The price of oil has been on the rise over the past three weeks – amid Israel strikes on Iran’s nuclear sites – but there are concerns it could rocket even further, with one expert warning of a possible 40 per cent increase.

Here’s how it all could impact you:

Brent crude briefly climbed above 78 US dollars (£58.06) a barrel in early Monday trading before paring back slightly to stand at 77.6 dollars (£57.76).

Investors are concerned about potential retaliatory actions from Tehran. Iran can disrupt oil shipments through the strategically vital Strait of Hormuz, a move which analysts fear could trigger a dramatic surge in crude prices and significantly impact global energy markets.

A quick look at the markets and how they are faring heading into lunch.

The FTSE 100 is flat, regaining those earlier losses but not pushing into outright positive territory.

It’s sat at 0.03 per cent down at midday – the oil giants among those effectively giving ballast compared to European stocks which sees France and Germany’s markets down 0.4 and 0.3 per cent respectively.

The biggest riser is Convatec Group, up 3.5 per cent, while JD Sports is the biggest faller, down 3.4 per cent.

Mixed responses to the Industrial Strategy, then…

Harry Quilter-Pinner, executive director at IPPR, said: “The UK has had 11 economic strategies in 13 years. That chop-and-change approach wasn’t fit for purpose. Today’s industrial strategy finally turns a page, offering much-needed consistency, clarity and certainty for business.

“No industrial strategy pleases everyone. But this government’s clear focus on clean energy, defence and advanced manufacturing shows it’s serious about going green to boost the economy and create good jobs outside of London. IPPR has worked closely with government to identify the sectors where Britain can lead, from heat pumps to wind energy. The UK’s future prosperity now depends on tapping into these growing global markets.

“The test now is whether this 10-year strategy moves from PDF to process. It must drive decisions across government—from scaling green supply chains to training skilled engineers—and be backed with funding beyond the current spending review. It can’t just sit on a shelf as a job well done.”

Kate Nicholls, chief executive of UKHospitality, said: “This is not an industrial strategy that will deliver growth equally across the UK. In fact, by ignoring 70% of the economy it is at odds with the Government’s ambition to create jobs and help people into work.

“Once again, growth will be distributed unevenly and centred around small industrial clusters that have high barriers to access – hardly a recipe for driving social mobility.”

Michelle Ovens CBE, founder of Small Business Britain, said: “The UK’s 5.45 million small businesses make an incredibly powerful contribution to our economy, society and communities, setting the UK apart on the world stage and representing huge future growth potential. To unlock this phenomenal opportunity, we need to be as ambitious about supporting the UK’s entrepreneurs, as entrepreneurs are themselves in driving growth, creativity and innovation.

“The Government’s new Industrial Strategy represents an important step forward to drive long-term investment and bring down some of the barriers faced by small businesses, particularly with initiatives to boost access to finance and accelerate technology adoption and digital skills development.”

We haven’t really touched on the newly announced Industrial Strategy yet – let’s do so now.

Lower energy costs, spending £1.2bn on skills, reducing planning times and spending more than £22bn a year on driving innovation are among the key focuses, with the government focusing on eight sectors of growth.

Those are: Advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.

The response has been decidedly mixed, depending on where your business or sector sits, as we’ll see in the next post…

Iran has threatened to close a major oil shipping route in retaliation for “devastating” US strikes on three of its nuclear sites – a move that could have a sharp impact on the global economy.

Tehran’s lawmakers voted to cut off the Strait of Hormuz, a trade route that sees one-fifth of the world’s oil and gas pass through it. The move has rattled investors, sending oil futures soaring by around 10 per cent since the US launched strikes on Iran.

It comes after seven US stealth bombers dropped 14 30,000-pound bunker-busting bombs on Iran’s nuclear facilities early on Sunday morning in an operation called ‘Midnight Hammer’.

Here’s all you need to know:

France’s CAC 40 and Germany’s DAX both opened in the red today along with London’s FTSE 100 – but all three are now looking rather healthier after clawing back some ground.

Indeed, the FTSE 100 has inched over the line into positive territory… 0.02 per cent up for the day. Well, up is up.

The DAX is 0.07 per cent down, and it’s just 0.02pc in the red for the CAC 40.

We’ll keep an eye on further changes as the morning progresses – though it’s maybe once the US wakes up and any new news emerges that there might be more of a reaction today.