US/Israel-Iran War: Heating oil prices skyrocket in UK, govt intervenes

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The British Government has announced a 53 million pounds support package to help vulnerable households cope with rising heating oil costs following a surge in global energy prices.

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The increase is linked to current tensions in the Middle East.

Prime Minister Keir Starmer said that the funding would be directed primarily at low-income households in rural areas, where heating oil is widely used.

Unlike gas and electricity prices, which are regulated by the Office of Gas and Electricity Markets (Ofgem) through an energy price cap, heating oil is treated as a market commodity, and its price fluctuates with global oil markets.

Oil prices climbed sharply on Monday amid concerns that the escalating conflict in the Middle East could disrupt global energy supplies.

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International benchmark Brent crude rose to $105.61 per barrel in early Asian trading, while US benchmark West Texas Intermediate reached $101.52.

Brent prices increased by more than 40 per cent since the joint US-Israeli strikes began on Iran on 28 February.

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The issue is particularly significant in Northern Ireland, where roughly 500,000 homes rely on heating oil, accounting for two-thirds of households.

Smaller proportions of homes in England, Wales and Scotland also depend on heating oil as their main source of central heating.

(Xinhua/NAN)