Most people out there still seem to believe that the war in the Middle East will rapidly come to a conclusion and economic conditions will return to normal soon. Meanwhile, the price of physical oil is going absolutely nuts, the price of fertilizer is going absolutely nuts, and we are being warned that a "summer of shortages" is looming on the horizon if the Strait of Hormuz remains closed. What we are going to be facing in the months ahead very much depends upon the duration of the war. Unfortunately, as you will see below, it does not appear that a peace deal with Iran is going to happen any time soon.

Brits are being braced for a summer of shortages with warnings that chicken and pork are among a swathe of products at risk from the Iran war.

We have never seen a "summer of shortages" in the western world.

So most of us have no idea what that would look like.

According to the BBC, in a "worst case scenario" there could actually be shortages of chicken and pork in the months ahead…

The UK could face food shortages, including chicken and pork, by the summer if the Iran war continues, in a worst case scenario drawn up by government officials.

A government source told the BBC it was planning for a scenario which would involve the continued closure of the Strait of Hormuz and breakdowns in the supply of carbon dioxide (CO2), which is used in the slaughter of some animals and in food preservation.

A spokesperson from the Department for Environment, Food & Rural Affairs said it would continue to work closely with businesses to tackle the impact of the war.

Hopefully a worst case scenario will not materialize.

But right now the Iranians seem to be in no mood to release the stranglehold that they have on the Strait of Hormuz.

As a result, there could be widespread shortages of jet fuel in Europe in just six weeks…

Europe may have just six weeks left of jet fuel, with serious consequences for the continent's economy, the International Energy Agency warned on Thursday.

"Several European countries may start to face shortages of jet fuel in the next 6 weeks, depending how much they are able to import from international markets to replace the lost supply from the Middle East, which accounted for 75% of Europe's net imports of jet fuel previously," the IEA told CNBC in an emailed statement.