Defence Secretary Pete Hegseth has said that allies should be grateful to the United States and Israel for confronting Iran, even as military strikes push gas prices to their highest level in three years. His comments come amid mounting concern over the global economic consequences of the conflict.

Bob McNally, a former energy adviser to President George Bush, warned that markets may be underestimating the severity of the unfolding energy crisis. He suggested the risks to global supply and price stability are greater than many investors currently acknowledge.

In the United Kingdom, the Bank of England has cautioned that the war could drive interest rates higher, potentially undermining government efforts to bring down inflation. The programme also features Kirsty Allsopp touring Parliament to examine proposals for refurbishing the historic building.