Norton Rose Fulbright

Escalation in the conflict involving Iran has seen the UK grant the US use of British bases for strikes targeting the vital Strait of Hormuz, a key oil transit point. These developments are having immediate global economic repercussions, with European gas prices surging 35% after an LNG plant was reportedly hit by Iran, and airlines bracing for oil prices to reach $175 a barrel.

The ongoing Middle East conflict is generating significant legal and business considerations for commercial entities operating in or with ties to the region. Businesses are grappling with managing employee concerns, evaluating the applicability of contractual clauses like force majeure in contexts such as Saudi Arabia, and navigating a broader array of key legal issues to maintain operations and compliance during the crisis.