After the accusations of ceasefire breaching from both sides, the tensions between the Middle East and United States. This is impacting the opening efforts of Strait of Hormuz. The US maintains that it is ensuring the safety of ships from Iranian aggression while Iran asserts that the current scenario is unsustainable. The dispute has led to an increase in oil prices globally and borrowing costs for the government. Specifically, the United Kingdom economy has been affected more than those of other G7 countries because of high inflation rates and political instability.