A Surrey business has warned the economy could be heading for a “1970s-calibre disaster” of high inflation, unemployment and stagnant growth.
Kate Lester, who owns courier firm Diamond Logistics, said her fuel costs had increased by more than 25% since war broke out in the Middle East.
She told BBC Radio Surrey logistics runs on “incredibly tight margins”, meaning costs would be passed on to consumers.
The Department for Energy Security and Net Zero said it was in contact with regulators on fuel prices.
“I’m a very optimistic entrepreneur,” said Lester.
“But we are certainly looking at worst-case scenarios for the impact of these fuel price rises on our business.”
Oil and gas prices have soared since the US and Israel first attacked Iran on 28 February.
The RAC said on Monday the average price of diesel had increased by 29p to just over 171p a litre since fighting began.
The average price of petrol had increased more than 14p a litre over the same period, it added.
Lester said small and medium-sized firms had already had a “very challenging time”, particularly due to national insurance and minimum wage rises that have pushed up costs.
She added her rent has also increased by 30%.
“Businesses are supposed to be providing the growth that is going to get this country back up and running,” Lester said.
“Yet we’ve had not even a triple whammy. It’s multiple whammies.”
“This is going to be a further battening down of the hatches,” she continued.
Lester, who has been in business for 34 years, said the period after the Covid pandemic has been the hardest she has ever seen.
A spokesperson for the Road Haulage Association said the spike in fuel prices poses a “significant threat to the viability” of haulage businesses.
“Our industry is an economic enabler, with 80% of all goods and materials moving on the back of a lorry,” they said.
The spokesperson called on the government to take “immediate steps,” such as scrapping the planned increase in fuel duty.
A government spokesperson said: “We know this is a tough time for businesses, who are grappling with increased fossil fuel prices.
“The Energy Secretary has been in constant close contact with the Competition and Markets Authority on road fuel prices, and we will not hesitate to act to protect consumers against any unfair practices.”
Follow BBC Surrey on Facebook or X. Send your story ideas to southeasttoday@bbc.co.uk or WhatsApp us on 08081 002250.