The UK's Office of Gas and Electricity Markets (Ofgem) has announced a 13-percent increase of the energy price cap, as a result of higher wholesale prices caused by the closure of the Strait of Hormuz.
This will cover the period from the start of July to the end of September, and will see the average household energy bills rising by £18 ($24) per month.
This comes as the Dallas Federal Reserve's President Lorie Logan warned on Wednesday that the world may need to find a way to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the US-Israeli war on Iran.
"With supplies highly constrained, if shipping through the strait does not soon return to prewar levels, world oil and natural gas consumption could need to fall more meaningfully than it has so far," Logan said in remarks to a Bank of Japan conference.
