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Iran war: Households brace for cost of living pain as oil and gas prices surge
UK inflation may reach 5% with up to three interest rate hikes this year as energy costs rise sharply due to disruptions in Gulf oil and gas supplies.
- The Iran war has sent global oil prices surging to around $110 a barrel, with attacks across the Gulf and disruptions to the Strait of Hormuz threatening UK energy supplies and household budgets.
- Bank of England Governor Andrew Bailey warned on Thursday that reopening the Strait of Hormuz is the "best thing to do" to prevent interest-rate rises, though the Bank kept the base rate at 3.75%.
- The Government introduced a £53 million support package for low-income households relying on heating oil, while Downing Street announced a £99 million investment for flood schemes in the South East.
- Sir Keir Starmer acknowledged the "pressure rising costs puts on families" and argued that a negotiated settlement with Iran is the best way forward to reduce living cost impacts.
- Defence Secretary John Healey called Iranian attacks on energy sites in Saudi Arabia, Qatar, and Kuwait a "serious escalation," confirming the UK would step up defensive support for its Gulf allies.
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Great Yorkshire Radio
Great Yorkshire RadioIran war: Households brace for cost of living pain as oil and gas prices surge
After the COVID pandemic, the war in the Ukraine, and the Liz Truss mini-budget, the Iran conflict represents yet another shock to the British economy.
·United Kingdom
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Diesel set to breach £2 a litre as oil surges and inflation risks rise amid Iran war
Motorists could soon face record-breaking costs at the pump as diesel prices are forecast to exceed £2 a litre within weeks.Greg Newman, founder and chief executive of Onyx Capital, said: "I am very confident the diesel price will surpass £2 a litre in the next month."Such a rise would take prices beyond the previous peak of £1.99 recorded during the 2022 energy crisis following Russia’s invasion of Ukraine.For drivers with a standard 55-litre f…
·London, United Kingdom
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Total News Sources6
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
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