Energy Prices Soar Due to Iran War

0:00On April 22nd, wholesale energy prices have skyrocketed since the Iran War started on February 28th. If the crisis drags on another four to six weeks, household bills could stay jacked up through autumn and winter. Missile strikes and drone attacks have slowed energy production and shipping across the Middle East, hitting supplies hard. In Northern Ireland, home heating oil prices jumped 80 percent right away. Experts say even if fighting stops tomorrow, it takes four to six weeks for crew to reach refineries and flow back into the system. The utility regulator warns April's gas price cuts might get reversed soon. Electricity wholesale costs rose 19 percent too, and energy firms long-term hedges are running thin the longer this goes. That 100-pound oil heating grant drew fire as too small, especially next to Scotland's 300 pounds, or Wales's 200 pounds per. Household. High-stay glued on supply chains as tension simmer.