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Rachel Reeves has warned that families will face a new cost-of-living nightmare if the Iran war turns into a regional conflict.

Ships were attacked while passing through the Strait of Hormuz on Sunday, fueling fears that oil, electricity, transport and food prices would rise as tankers burst into flames.

Millions of Britons have been warned that oil prices could reach a record high of more than 190p a liter if the Strait of Hormuz, through which 20 per cent of oil supplies pass, becomes even more contested and dangerous.

Traders predict oil prices could rise to $100 per barrel.

Iran’s Revolutionary Guard claimed to have hit three American and British oil tankers in a missile attack on Sunday.

Shipping companies instructed sailors to avoid the critical waterway, instead directing them to the Cape of Good Hope, while others anchored off the coast of Oman.