Higher energy prices will squeeze Pakistani families and damage their economy. That is partly because inflation remains uncomfortably high in Pakistan and higher energy prices threaten to make it worse. But oil-producing countries outside the warzone – Norway, Russia, Canada – will benefit from high oil prices without the risk of missile and drone attacks. Higher energy prices feed inflation. "Their minds will easily go to the 1970s" Johnson said, when conflict in the Middle East and an Arab oil embargo sent oil prices rocketing.

Source: The Telegraph March 10, 2026 07:11 UTC