UK energy price cap to rise 4% in October due to Middle East tensions. Crude oil reaching a new all-time high by December 31 at 11.5% YES.

Regulator Ofgem will on Wednesday reveal the level of the annual energy price cap for the three months from October to December.

Analysts are expecting household bills to increase after the Middle East conflict affected wholesale prices.

It marks the highest average bill since July 2023

The price cap rise will push bills to their highest since July 2023