UK Energy Bills Skyrocket Due to Middle East Tensions

0:00On March 4th, household energy bills in the UK could jump by more than 500 pounds this summer if the Middle East tensions keep escalating. A thing tank warns that surging gas and oil prices, trigger by Iran's threats to block the straight of Hormuz, are the main culprits. That's the world's busiest oil shipping lane, and closing it off has already pushed prices to three-year highs. Oil benchmarks like Brent Crude spiked over 13% to just over $85 a barrel. The highest since July last year, gas prices in the UK shot up 46% in a day before easing a bit, thanks to halted production at major exporters like Qatar and Issues Inn, Iraq with oil fields shutting down. In Britain, drivers panicked and rushed to petrol stations, causing long queues and some pumps to run dry in places like London and Liverpool. Officials and fuel groups urged everyone to stay calm and buy normally, saying it takes time for global price hikes to hit pumps, potentially adding, 20 pence per liter if oil

1:02hits $100. Experts dropped parallels to Russia's invasion of Ukraine two years ago, predicting inflation could climb back to 3%. Former President Donald Trump posted that the U.S. Navy stands ready to escort tankers through the strait if needed, vowing to keep energy flowing. Worldwide. Ship tracking shows massive tanker clusters anchored nearby, with maritime traffic nearly halted as Iran warns of attacks on any vessel's trying to. Pass Family spacing, higher living costs, now need urgent support, while markets watch closely for how long the standards stand off. LAST ами have a tremendous掉 at a time and Time. Family halted, as Iran warns contacts on any vessels trying to. Pass. Family spacing higher living costs, now need urgent support, while markets watch closely for how long