"Octopus Energy CEO Greg Jackson has said the very challenging market has led to energy provider to raise its fixed-price tariffs and introduce exit fees as oil and gas prices soar. Several other major suppliers have now entirely withdrawn their fixed-price offerings in the wake of the conflict."
"Data from Uswitch reveals the availability of such deals has more than halved in the week since strikes began between Iran and US-Israeli forces. Remaining fixed deals, closely tied to wholesale costs, have also seen significant price hikes."
"As the exchanges continue, Iran has said it will not let a single drop of oil leave the region, as it threatens to attack any ship travelling through the Strait of Hormuz, a key lane for the worldwide oil trade."
Energy markets face significant disruption due to intensifying Middle East conflict between Iran and US-Israeli forces. Octopus Energy CEO Greg Jackson warns of challenging market conditions, prompting energy providers to raise fixed-price tariffs and introduce exit fees. Major suppliers have withdrawn fixed-price offerings entirely. Data shows fixed-price deal availability has halved since strikes began. Remaining deals, tied to wholesale costs, have increased substantially. Iran threatens to prevent oil exports and attack ships in the Strait of Hormuz, a critical global oil trade route. The US considers escorting tankers to restore trade. Wholesale gas prices have approximately doubled within a week.
Read at www.independent.co.uk
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