- Utilita chair Derek Lickorish has warned of a "white knuckle ride" for energy prices, citing uncertainty over how long the Middle East conflict will impact oil costs.
- Oil prices have surged above $100 a barrel for the first time since 2022, following US and Israeli airstrikes towards Iran which escalated tensions in the region.
- Donald Trump commented that a rise in fuel costs is a "small price to pay" amidst the ongoing conflict.
- Sir Keir Starmer cautioned that a prolonged conflict with Iran would likely have a significant impact on the UK economy.
- G7 nations are scheduled to meet to discuss the escalating prices and consider a joint release of strategic oil reserves to stabilise markets.
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