Reuters reported that the ongoing war against Iran and escalating tensions in the Middle East have driven up global gas prices, leading to an increase in household energy costs in the United Kingdom.
According to the UK’s energy regulator, Ofgem, the energy price cap will rise by 13% from the beginning of July until the end of September. Following this decision, the average annual cost of electricity and gas for households will increase from £1,641 to £1,862.
Tim Jarvis, a director at Ofgem, stated that persistent volatility in global energy markets and rising wholesale gas prices, driven by conflicts in the Middle East, have directly impacted energy costs for consumers in the UK.
