“I'm a lot more concerned about the current crisis than I was when Russia-Ukraine happened four years ago,” one fund manager told CNBC.

Growers face soaring fertiliser and fuel costs as shipping choke point of the strait of Hormuz hits supply chains

With airfares and gas prices spiking, some lawmakers are warning of the potential for price gouging, even as experts point to extreme supply shocks.

Asia relies heavily on oil and gas from the Gulf, and shortages and higher prices are starting to bite.

“I'm a lot more concerned about the current crisis than I was when Russia-Ukraine happened four years ago,” one fund manager told CNBC.

Shell CEO Wael Sawan warns Europe will be next to face an energy supply crunch.

The price of a wide range of goods - from food, to smartphones, to medicines - could be affected by the US-Israel war with Iran.