Markets have swung sharply as the escalating war in Iran and across the Middle East injects fresh uncertainty into oil prices, inflation, and the path of interest rates. On this week's markets wrap, Merryn Somerset Webb and John Stepek discuss how prolonged energy supply disruption could Britain from mere chronic stagnation (which is bad enough) and into stagflation. They also explore the fault lines that higher-for-longer rates are starting to open up — from private credit stresses to long-running productivity woes.

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