Households face a renewed energy price shock after oil topped $90 for the first time in more than six weeks and gas soared.
Brent crude rose as high as $91.42 a barrel on Monday after the US and Iran exchanged fresh strikes while benchmark gas prices surged to a four-month high above €60 per megawatt hour.
Oil and gas prices eased later in the day amid signs that negotiations are continuing between Washington and Tehran over a deal to end the war.
But with the conflict currently escalating, analysts warned of further pain ahead for households as energy bills rise alongside the cost of food and fuel.
Mortgage rates are also creeping higher once again as the resumption of hostilities in the Middle East threatens to drive inflation higher – forcing the Bank of England to raise interest rates.
