More than half of chartered accountants surveyed by the Institute of Chartered Accountants in England and Wales (ICAEW) say their organisations are exposed to risks from the conflict in the Middle East.

The findings come against a backdrop of concerns over potential spikes in energy prices and disruption to supply chains.

The online survey ran from 6 to 9 March 2026 and gathered responses from 497 ICAEW members based in the UK, the Middle East, South Asia, Cyprus and Turkey.

Of those questioned, 56% said their organisations are exposed to the fallout from the conflict. A further 29% said it was still too soon to assess the full extent of any impact.

While many respondents reported taking precautionary steps, around 56% said they were closely tracking developments.

Around 25% of the respondents said they had amended travel policies or guidance on staff safety.

Meanwhile, 13% indicated they were planning to suspend or adjust operations in locations viewed as most directly affected.

Among UK-based organisations, the main concerns were energy and logistics.

Two-thirds (66%) cited higher energy costs, 54% pointed to supply chain disruption and 46% highlighted staff-related risks such as security and travel.

When asked what support from government would be most useful if the conflict continues, 48% of UK respondents prioritised help with energy bills.

ICAEW chief executive Alan Vallance said: “Our data shows that rising energy costs and supply chain disruption are the biggest threats to businesses right now as the conflict in the Middle East continues to escalate.

“Surging gas prices and interruptions to major energy infrastructure such as the Strait of Hormuz means the pressure is only intensifying.

“The findings also highlight the significant interdependence of UK businesses and citizens with the Middle East, and how our economic fate is exposed to instability in the region.”