Octopus Energy boss outlines potential energy fears if Strait of Hormuz remains closed

• Greg Jackson, CEO of Octopus Energy, has outlined potential energy impacts if the Strait of Hormuz remains closed due to the Iran war.
• Jackson warned that if the Strait does not reopen by the end of May, the situation could worsen, becoming 'even more serious' if it extends beyond August.
• The closure of the Strait of Hormuz, a critical shipping lane for a fifth of global oil and gas, has already led to soaring oil prices.
• The UK government has escalated its contingency planning to address potential energy shortages and supply chain disruptions.
• A ministerial group, chaired by Darren Jones, chief secretary to the prime minister, is meeting twice weekly to monitor stock levels and plan responses.

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Octopus Energy boss issues bills warning over Strait of Hormuz closure