CONFLICT between Iran and Israel could send financial markets into crisis in the near future, according to a top war journalist.

Thomson Reuters’ Middle East bureau chief Andrew Marshall (pictured) warned members of the ACICI, part of the Financial Markets Association, that fighting between the two countries was likely in the next year or so. Oil trade routes might be blocked and prices could rocket, causing widespread economic turmoil around the world.

‘Iran is pushing ahead with its nuclear programme. They obviously want the nuclear bomb in order to be a major player,’ said Mr Marshall. ‘Israel sees a nuclear Iran as a direct threat and if they think that Iran is a year or less away from getting the bomb, they will attack. I believe that’s fairly likely in the next year or so and chaos will break out across the Middle East again, destroying much of the progress that has been made in the region.’

Most of the world’s oil is transported through the Straits of Hormuz but that route was likely to be blocked by Iran, said Mr Marshall.

‘If they succeeded there would be significant shockwaves around the world and the US would have no alternative but to respond.  The result would be devastating. The question is how long it would all last.’