A major impact of escalating conflict in the Middle East is on the world’s oil and gas supplies. The UK imports oil and liquified natural gas (LNG) from a variety of places, not just the Middle East. This is because wholesale gas prices feed through into electricity prices and how much it costs to heat people’s homes. Analysts at Cornwall Insight have forecast that household energy bills could rise by 10% from July following sharp increases in wholesale gas prices. Some experts have warned that if oil and gas prices remain elevated, this could push up inflation in the UK.

Source: The Times March 09, 2026 15:59 UTC