The scale of any energy price rises, and the wider impact, will depend on the magnitude of what comes next in the conflict between Israel and Iran. But it does have the potential to be "a bad shock for the global economy at a bad time" says Mohammed El-Erian, chief economic adviser at asset manager Allianz.

Motorists can expect to pay 12¢ a litre more for petrol within weeks if the oil price spike caused by war in the Middle East continues, say economists.

Global oil prices spiked following Israel’s surprise air strikes on Iranian nuclear and military facilities. As of late June 13, futures for the benchmark Brent blend were up more than 7 percent over the previous day,