Prime Minister Sir Keir Starmer’s official spokesman said on Monday that the “Strait of Hormuz specifically needs to be reopened”. Here, the Press Association looks at 10 ways that the disruption to the strait could impact people’s finances. – FuelOne of the quickest ways that higher crude oil prices filter through to households is via the cost of wholesale fuel, which is sending prices at the petrol pumps sharply higher. – Household energy billsThe impact of higher wholesale energy prices is likely to take longer to feed through into household gas and electricity bills, with prices currently fixed until the end of June. The impact to shop prices will depend on how long the conflict lasts and how far energy prices remain elevated.

Source: The Times March 23, 2026 15:36 UTC