- Rachel Reeves is under pressure to prepare an emergency plan for potential surges in energy and fuel prices due to the conflict involving Donald Trump and Iran.
- European natural gas prices surged by 40 per cent following Iran's retaliation, which included Qatar Energy halting LNG production and a drone attack on Saudi Arabia's Ras Tanura oil refinery.
- Shipping through the critical Strait of Hormuz has largely ceased after Iran attacked tankers, leading to a 54 per cent jump in Britain’s benchmark gas price and a 9 per cent rise in Brent crude.
- Analysts warn that household energy bills could increase to £2,500 annually if the Iran conflict causes prolonged disruption to global gas supplies.
- There are growing calls for the government to act, including abandoning the planned 1p fuel duty rise, as record prices at the pumps are expected within days; Prime Minister Sir Keir Starmer assured MPs that the government would work to ensure energy prices remain affordable.
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