US EditionPublished • loading... • Updated
UK Energy Bills Set to Rise 10% from July Amid Middle East Supply Disruptions
UK households face a 10% rise in energy bills from July due to Middle East tensions disrupting global gas supplies, Cornwall Insight forecasts a £160 increase in the price cap.
- Household energy bills are forecast to rise by 10% from July following sharp increases in wholesale gas prices driven by the escalating conflict in the Middle East.
- Following US and Israeli missile strikes on Iran, retaliatory attacks from Iran damaged oil and gas infrastructure across key Gulf states, forcing QatarEnergy to pause liquified natural gas production at several sites.
- Although Europe and the UK do not rely heavily on Qatari LNG, reduced supply will affect major Asian importers, meaning competition in the global market is expected to intensify, pushing prices up.
Insights by Ground AI
14 Articles
14 Articles
Household energy bills 'could rise by £160' as Iran war sends prices soaring
Household energy bills could rise by £160 if the war in Iran drags on, analysts warn. A prolonged conflict would also hit UK growth and could see interest rates rise for the first time since 2023, according to forecasts. The price of oil and gas has soared since bombing began at the weekend, sparking fears over inflation and the cost of living. Researchers at Cornwall Insight said the rising prices could push average household bills to £1,801 ye…
·London, United Kingdom
Read Full Article
Evening Standard+3 Reposted by 3 other sources
Energy bills forecast to rise 10% from July as Middle East war drives up prices
Analysts Cornwall Insight said forecasts for Ofgem’s price cap for July to September had surged to £1,801 a year for a typical dual fuel household.
·London, United Kingdom
Read Full ArticleCoverage Details
Total News Sources14
Leaning Left4Leaning Right3Center3Last UpdatedBias Distribution40% Left
Bias Distribution
- 40% of the sources lean Left
40% Left
L 40%
C 30%
R 30%
Factuality
To view factuality data please Upgrade to Premium
