The United States and Israel’s war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping. The outlook poses a wider global economic threat, as well as a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavourable to foreign entanglements. “The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows,” JP Morgan analysts said in a research note on Friday. The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as ships avoid the vital Strait of Hormuz between Iran and Oman amid Tehran’s retaliatory attacks. Global oil prices have surged 24 pe...