Middle East Conflict Spikes Energy Prices

0:00On March 3rd, the war between Iran, the United States and Israel, is shaking global energy markets with oil and gas prices spiking right away due to attacks and retaliation across the Middle East. Ships are piling up outside the strait of Hormuz, the world's key oil route, because Iranian threats have made them uninsurable and effectively shut. The passage. Natural gas prices have jumped 93 percent since the fighting began, thanks to strikes on big terminals in Saudi Arabia and Qatar. In the UK, this means wholesale petrol prices are up, 2.3 percent and diesel 7 percent, while gas costs have more than double to over. 150 pence per term in just four days. Electricity prices are hitting record highs as gas drives the whole power market. Households won't see changes until after June, because of the latest price cap from Uvjim, but businesses without that protection are hurting bad already. The surge is reigniting fights over net zero goals, with some pushing for faster clean energy shifts and others calling to ramp up North Sea oil and gas drilling.

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