‌Chancellor Rachel Reeves is convening an emergency meeting with energy company executives today as oil and gas prices surge due to the conflict. This witnessed prices at British petrol stations nearly double, following OPEC oil producing nations' embargo on all countries perceived to have supported Israel in the Yom Kippur War. On this occasion, it's Iran's closure of the Strait of Hormuz - a crucial shipping route utilised to transport oil from the Middle East to the rest of the world - that's causing oil prices to surge. The two main components of the price of petrol are, of course, tax and the price of oil. Get breaking news in Yorkshire straight to your phone Get all the latest big and breaking Yorkshire news straight to your mobile via WhatsApp by clicking here.

Source: Daily Mirror March 04, 2026 15:09 UTC