Rising energy prices may not have peaked – here’s why

Jump to contentAllNewsSportCultureLifestyleBank of England Governor Andrew Bailey has warned MPs that British energy prices could rise even higher due to ongoing disruption in the Strait of Hormuz. The crisis follows joint US-Israeli strikes on Iran and Houthi attacks in the Red Sea, impacting roughly 20 per cent of global oil shipments and liquefied natural gas exports. The warning comes as regulator Ofgem raises the energy price cap by 4 per cent from 1 October, bringing the average annual household bill to £1,723. Andrew Bailey noted that emergency stock releases currently easing supply pressures cannot continue indefinitely and are expected to run until around November. Andy Burnham has pledged to seek long-term solutions to bring energy costs down, amidst growing pressure to provide further support for households. In fullEnergy prices could soar even higher, Bank of England boss admits in cost of living warningMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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