Middle East Firestorm: US Strikes Iranian Tankers, Israel Shuts British Consulate, and Britain Braces for $100 Oil

The Middle East crisis spiralled overnight as US forces struck five Iranian oil tankers in the Gulf of Oman — sinking one — while Israel retaliated against Britain's sweeping settlement sanctions by closing the British consulate in Jerusalem. Both developments are slamming into a UK economy already reeling from oil prices closing in on $100 a barrel.

Background

These are not isolated events. They represent the twin eruptions of a region Britain has spent decades...