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  "path": "/money/energy-bills-could-rise-iran-middle-east-inflation",
  "publishedAt": "2026-03-04T13:43:08.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Wholesale gas prices",
    "Labour says UK must 'double-down' on Net Zero after Iran crisis causes energy shocks",
    "Energy bill warning: Households face £2,500 a year hit if Iran conflict draws out",
    "Keir Starmer urged to dramatically reverse North Sea oil policies by former UK energy ministers",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nBritish households could see annual energy bills rise by £500 if elevated oil and gas prices persist, according to analysis from the Resolution Foundation.\n\nThe warning followed Rachel Reeves’s Spring Statement on Tuesday and reflects the impact of escalating hostilities between the United States and Iran on wholesale energy markets.\n\n###\n\n\n\n\nWholesale gas prices in Britain have almost doubled since fighting intensified after US and Israeli forces launched strikes against Iran.\n\nIn a statement, the Resolution Foundation said: \"If recent rises in the price of oil and gas were to be sustained they could add around a percentage point to inflation and £500 on to typical annual energy bills.\"\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nThe assessment comes as households were preparing for lower costs after Ofgem confirmed an April reduction in the energy price cap.\n\nQatar’s state energy company has halted liquefied natural gas production indefinitely, removing a major global supplier from international markets.\n\nShipping through the Strait of Hormuz has also been disrupted, with oil tanker traffic slowing significantly amid security concerns.\n\nThe global benchmark Brent crude has risen by more than 10 per cent since the outbreak of hostilities.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nMartin Lewis described the rise in wholesale gas prices as \"scary\" but urged caution in comparing the current situation with previous crises.\n\nHe said: \"I’m not saying it won’t get worse and I’m not saying it won’t be sustained, but I think there is a little bit of putting it into perspective at the moment, we are not currently in the Ukraine type spike situation, but it has gone up.\"\n\nMs Reeves is due to hold talks with North Sea industry leaders to discuss the impact of rising prices and potential responses.\n\nThe meeting was announced during the Spring Statement amid calls for an emergency strategy to mitigate the effects on households and businesses.\n\nDiscussions with oil and gas executives are expected to focus in part on the sector’s tax regime, which currently stands at 38 per cent.\n\nThe Government has pledged to reduce average annual energy bills by £150, following Ofgem’s latest price cap adjustment.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Labour says UK must 'double-down' on Net Zero after Iran crisis causes energy shocks\n  * Energy bill warning: Households face £2,500 a year hit if Iran conflict draws out\n  * Keir Starmer urged to dramatically reverse North Sea oil policies by former UK energy ministers\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nHowever, if wholesale prices remain elevated, the cap could rise again within three months, reversing recent reductions.\n\nThe Resolution Foundation said lower income households would be disproportionately affected by further increases because they spend a larger share of their income on energy.\n\nRuth Curtice, chief executive of the think tank, said: \"This coming year is set to be a decent one for living standards, and a bumper one for poorer families, as wages and benefit support rise above the level of inflation, but a fresh energy price shock risks puncturing this good news.\"\n\nLabour MP Graeme Downie, a member of the Commons energy select committee, said: \"The consequences of the actions by Iran could be felt here in the UK through increased energy bills quickly and painfully and it will be those who have the least who will be hurt the most.\"\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards:The GB News Editorial Charter **",
  "title": "Energy bills could rise £500 amid Iran conflict and add 1% to inflation"
}