"Analysts have warned that household energy bills could surge to up to 2,500 a year if the Iran conflict causes longterm disruption to global gas supplies. Shipping traffic through the Strait of Hormuz has mostly ground to a halt after Iran attacked tankers in retaliation to the US and Israeli attacks that killed Ayatollah Ali Khamenei, the Iranian supreme leader."
"Rachel Reeves is coming under pressure to prepare an emergency plan to deal with a shock increase in energy and fuel prices in what is being seen as an inevitable impact of Donald Trump's war with Iran. With the chancellor due to give her spring statement update on the economy on Tuesday, as the conflict in the Middle East escalates further, Labour MPs have joined others in demanding she puts provides proposals to deal with a hike in oil and gas prices."
"The strait is a critical funnel point for flows of both oil and gas from the Middle East. Britain's benchmark gas price, NBP, leapt up by 54 per cent to 122p per therm on Monday."
The Independent reports on mounting pressure on UK Chancellor Rachel Reeves to prepare emergency measures for anticipated energy and fuel price surges linked to Donald Trump's conflict with Iran. As Middle East tensions escalate following Iran's retaliation for attacks that killed Supreme Leader Ayatollah Ali Khamenei, shipping through the critical Strait of Hormuz has largely halted. Analysts warn household energy bills could reach £2,500 annually if the conflict causes prolonged disruption to global gas supplies. Britain's benchmark gas price surged 54 percent to 122p per therm on Monday. Labour MPs and others are urging Reeves to present proposals addressing these price increases during her Spring Statement update on Tuesday.
Read at www.independent.co.uk
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