Sterling Plunges on $120 Oil Amid U.S.-Iran War, UK Markets RattledMarket Turmoil as Oil Surges and Sterling FallsLONDON, March 9 (Reuters) - The pound tumbled on Monday as investors rushed to the safety of the U.S. dollar and ditched the currencies of countries most exposed to rising energy costs, as the U.S.-Iran war sent oil prices surging to $120 a barrel. Sterling and Currency MovementsSterling was last down 0.81% at $1.331 and on track for its biggest daily fall in over a month. The dollar has also benefited from the United States' status as a leading oil and gas producer. Major Gulf producers cut supplies and shipping disruptions rattled the market as the U.S.-Iran war showed few signs of slowing down. Hill and his colleagues said UK support for households related to the Russia-Ukraine spike energy prices in 2022-2023 is estimated to have cost 52 billion pounds ($69 billion).

Source: The Guardian March 09, 2026 15:04 UTC