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UK energy price cap to rise 13% in July amid Middle East conflict impact

Market News
27 May 2026
CNBC
View Source
Bearish
pluang ai news

The UK energy regulator Ofgem announced a 13% increase in the household energy price cap starting July, driven by higher wholesale gas prices due to ongoing conflict in the Middle East. Electricity prices will rise about 5%, while gas bills will surge 24%, pushing the typical household bill to £1,862 annually, the highest since early 2024. Despite reduced energy usage by households, further price cap hikes are expected in October. This increase reflects global supply constraints and elevated energy costs following the Iran war and disruptions in key shipping routes like the Strait of Hormuz, affecting oil and gas prices worldwide.

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Law firm investigates Hims & Hers for allegedly sharing users' private health data without consent.

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