Oil prices have surged past the $120 a barrel barrier and gas futures have started to climb again, as the ongoing blockade of the Strait of Hormuz continues to choke global energy supplies.
The latest market turbulence comes as BP and TotalEnergies this week reported bumper first-quarter profits, with both companies signalling that even larger gains are expected in the months ahead.
A spokesperson for the End Fuel Poverty Coalition commented:
“As oil prices surge, the energy industry’s profit machine is running at full speed.
“BP has reported underlying profits of £2.4 billion in the first quarter of 2026 alone, more than double the same period last year, while TotalEnergies has posted £4 billion in adjusted net income for the same three months.
“The energy industry is waiting for even more gains to come, as rising oil and gas prices feed through into second-quarter earnings.
“What makes this worse is that gas prices, which had shown some signs of easing in recent weeks, are now climbing again. UK gas futures are now 52% higher than this time last year, pushing up the wholesale prices that feed directly into household energy bills. This is not a temporary blip, it is the fossil fuel price rollercoaster in full motion, and millions of households will feel it in their bills.
“The case for Ministers using Windfall Tax revenues to help provide more emergency support for the households on heating oil and those least able to absorb these costs has never been stronger. But we also need to see the Government take faster action on electricity pricing reform to break the grip of gas markets on the bills of every family in the country.”