Tag: Middle East Conflict

Fresh profits highlight contrast between industry returns and bills

Scottish Power owners, Iberdrola have reported a rise in profits in the first quarter of 2026, claiming growth is driven substantially by its regulated network operations in the United Kingdom.

The total profits made by the firm in the UK amount to just under £1 billion in the first three months of the year alone, up from £0.8 billion in the first quarter of 2025 – a 19% increase year on year [pdf, p59 & 66].

TotalEnergies, which via its NEO NEXT+ arm calls itself the largest producer on the UK Continental Shelf, has also posted improved results. Adjusted net income (a profit measure) for the firm’s first quarter came in at $5.4 billion (£4bn), up from $4.2bn (£3.1bn) in Q1 last year and it has now launched a share buyback plan and increased dividends for shareholders.

Questions are also being asked about TotalEnergies’ broader role in UK energy supply, including a government gas contract worth up to £8 billion to supply public sector buildings, from Downing Street to schools and hospitals.

The announcements come after BP’s 2026 Q1 results prompted anger among the public. A spokesperson for the End Fuel Poverty commented:

“Another good day for the energy industry means another kick in the teeth for consumers.

“Energy network infrastructure is generating strong and growing returns for shareholders, yet these returns ultimately mean higher bills for households.

“Meanwhile, the consolidation of North Sea assets into ever-larger corporate entities reveals where this industry is heading, companies positioning themselves to extract maximum profit from a dying basin while bills remain high.

“As well as taxing profits to ensure Ministers can provide help to those in fuel poverty, the Government must focus on reforms that will actually bring energy bills down. That means breaking the link between electricity prices and volatile gas markets and accelerating insulation and clean heat programmes.”

BP profits more than double as Iran conflict delivers war windfall

BP has reported underlying profits of $3.2 billion (£2.4 billion) for the first quarter of 2026, more than double the figure from a year earlier, after oil and gas prices surged following the outbreak of conflict in the Middle East.

The result beat analyst expectations and was driven largely by BP’s oil trading division, which posted profits of $2.5 billion (£1.84 billion) for the quarter, up from just $103 million (£76.2 million) a year ago.

New analysis by the End Fuel Poverty Coalition shows that energy firms posted over £23.1 billion in profit from UK operations in 2025, before any Iran conflict windfall had been counted.

A spokesperson for the End Fuel Poverty Coalition said:

“These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay. That is not a coincidence, it is a consequence of the way our energy system is structured.

“While the energy industry lobbies against the Energy Profits Levy, we are now seeing the level of profits being posted which shows why it is so necessary.

“Household bills are forecast to surge again from July. The Government must respond with emergency support for the hardest-hit households and accelerate the shift to a renewables-led energy system that insulates people from price shocks caused by our exposure to oil and gas markets.”

Robert Palmer, Uplift deputy director, said:

“It’s appalling that while millions are worrying over energy bills, oil giants like BP are raking in billions.

“Today the oil major has been given a further boost with an unearned windfall because of the Iran conflict. It’s just the first of the bumper profits oil and gas firms will make as this crisis drags on.

“Worse, BP is also rowing back on the very things, like investment in wind energy and solar, that will get us off the fossil fuel rollercoaster. It wants us to stay hooked on oil and gas so it can keep profiting.

“The only sensible way to counter energy shocks is by getting off oil and gas through renewables and upgrading our homes with solar power and heat pumps.

“BP clearly has no commercial interest in transitioning away from fossil fuels – and shows no concern for the public’s need for an affordable energy supply and a safe climate.”

The End Fuel Poverty Coalition has written to Ministers calling for emergency support for the hardest-hit households ahead of the July price cap rise, including those on prepayment meters, off-gas-grid homes relying on heating oil and LPG, and households in energy debt.

Heating oil and LPG customers to get additional support to install heat pumps

The Government has announced an increase to the Boiler Upgrade Scheme (BUS) grant for properties heated by oil and LPG. The scheme forms part of the Government’s Warm Homes Plan and provides upfront capital grants to support the installation of heat pumps in homes and non-domestic buildings in England and Wales.

The existing grant currently stands at £7,500 for air source and ground source heat pumps and the increase to £9,000 specifically for oil and LPG properties represents a recognition that these households face higher costs and have greater exposure to global fossil fuel price shocks than those on the gas grid.

The scheme is available to owner-occupiers in England and Wales replacing an existing fossil fuel heating system. The grant is applied by an MCS-certified installer and deducted directly from the installation cost , meaning households do not need to fund the full amount upfront before claiming back.

A spokesperson for the End Fuel Poverty Coalition commented:

“Heating Oil and LPG customers have been among the hardest hit by the current crisis. The three million households relying on these fuels sit outside the energy price cap and have no equivalent protection when global prices spike.

“These households are disproportionately in rural areas, have lower incomes, and live in older, harder-to-upgrade properties.

“A £9,000 grant for these homes will be very welcome, but it may not totally bridge the gap for those who cannot afford the remaining costs or whose homes need substantial preparatory work.

“Therefore, the expansion of this scheme must be accompanied by specialist local advice for households, stronger consumer protections during the works, and targeted additional support for those who cannot meet the shortfall.

“The measure of success is not how many grants are issued, but whether the households most exposed to fossil fuel price shocks are genuinely better off as a result.”

Chancellor raises Windfall Tax levies on electricity generators

The Government has announced it will increase the electricity generator levy (EGL) from 45% to 55%, targeting the excess profits of some nuclear, biomass and renewable generators.

To reduce the exposure to this Windfall Tax, ministers are proposing that these “legacy” generators, which supply around a third of Britain’s power, could move voluntarily onto lower fixed-price contracts to help insulate consumers from volatile global gas prices and bring down bills.

Recent research for the End Fuel Poverty Coalition, found that almost half the public (47%) believe that windfall taxes should actually be extended to more companies within the energy industry. 21% of the public opposed such a move and 32% had no opinion.

A spokesperson for the End Fuel Poverty Coalition, commented:

“For too long, households and businesses have been paying electricity bills linked to and inflated by a gas market they have no control over. This is a structural failure in how our energy system is priced and it has cost households dearly. Raising the levy on generators that pocket windfall profits when bills soar is the right thing to do.

“The carrot and stick approach where energy firms are incentivised to lower prices by moving to new contracts, or face higher taxes, is a sensible one. If these new contracts are properly designed and genuinely deliver for consumers, it could lower prices overall. The critical test is whether households, particularly those least able to pay, actually see the benefit on their bills and by when.

“The Government is right to act, but these measures must be the beginning and not the end of reform. Millions of households are still struggling with bills that are significantly higher than before the start of the energy crisis in 2021. Any revenue raised from the levy increase must be used to support those most exposed to fuel poverty and Ministers must not lose sight of the need for a wider overhaul of how electricity is priced in this country.”

Energy bills due to increase 12% from 1 July

Energy bills are now expected to increase by £196 a year from 1st July.

While the new analyst projections are not as high as first feared, oil and gas wholesale markets remain volatile and households will face steep rises in their bills.

Cornwall Insight said its prediction for Ofgem’s cap from July to September now stands at £1,837 for a typical dual fuel household, an increase of 12% on April’s cap. In April, energy bills fell due to measures taken by the Government in the 2024 Budget.

Meanwhile, around 24 million people are worried about their ability to pay their energy bill over the next six months according to debt charity StepChange as it called for an energy social tariff to help struggling households.

A spokesperson for the End Fuel Poverty Coalition, said:
“The damage from the latest oil and gas price crisis is already baked into price cap predictions. Millions of households in fuel poverty are going to be asked to find more money for energy on top of prices that are already unaffordable.

“Fossil fuel wholesale markets remain volatile, global events continue to dictate what we pay for energy and families already struggling with energy debt have no buffer left to absorb further rises.

“A smaller than planned increase is not relief. It is still an increase that will push more people into crisis and generate higher profits for the oil and gas industry.

“The Government must set out what help is going to be available for households both in the short and long term.”

Public demands Government help to end exposure to energy price shocks

British households want to break free from the cycle of fossil fuel price shocks for good, with new polling showing that the ongoing conflict with Iran has prompted more than a third of adults to increase their interest in new technologies to cut their bills and reduce their exposure to volatile global markets.

Research by Survation for the End Fuel Poverty Coalition finds that 35% of the public have become more interested in home energy technology since the Iran conflict began. Of these people, 45% are now more interested in getting solar panels on their roofs, 36% would like more home insulation, 35% are more interested in the new plug in solar option and 26% are now more interested in getting a heat pump.

But with 60% saying such options are simply too expensive, the public is calling on the Government to act, with 71% wanting grants for insulation and 68% seeking support for solar panels and heat pumps.

With 83% of the public worried about energy bills and 44% saying they would be unable to afford the expected £228 annual increase in energy bills from 1 July, 73% want to see targeted support for households and 67% want to see help for all households with energy bills.

Heating Oil and LPG customers have already seen the cost of energy increase and as price rises loom for even more households from 1 July, a majority of the public (64%) believe that the energy industry is profiteering from the conflict in Iran and a majority say that ending the Windfall Tax now would be the wrong thing to do.

Simon Francis, End Fuel Poverty Coalition coordinator said:

“The public has had enough of history repeating itself. They want to protect themselves from oil and gas price shocks for good, and the Government has both the means and the mandate to help them do it.

“Energy firms made £125bn in profits on their UK operations over the last five years and companies like BP are already expecting bumper profits from the fresh crisis. The Windfall Tax revenue raised by the Treasury should be going further to help households cut their bills for good.

“The Government’s Warm Homes Plan is the right vehicle, but now is the moment to make it even more ambitious and to ensure it comes with a guarantee that every upgraded home will see energy efficiency improve and bills come down.”

Three-quarters of the public (76%) hold Donald Trump responsible for energy bill increases set to hit UK households, while 65% also blame the energy industry directly. The anger runs deep enough that 63% of respondents agree the increases amount to a Trump Tax on their bills.

Robert Palmer, Deputy Director of Uplift, added:

“People know they’re being hit with a Trump Tax, plain and simple. We’re facing higher energy bills, rocketing fuel prices and more expensive mortgages.

“Our dependence on fossil fuels is making all of us poorer. All except for the oil and gas bosses and their shareholders who – once again – are set to cash in at our expense.

“Now Trump is demanding that the UK doubles down on drilling. But we can’t drill our way out of this crisis. More drilling won’t take a penny off our bills, and would have no meaningful impact on the UK’s supply of gas. We’ve burned most of what was in the North Sea already.

“The only way to insulate ourselves from these risks is to press on with renewables, like wind, and upgrade our homes with solar power and heat pumps, so we can free ourselves from oil and gas and ensure we have a liveable planet. And this polling shows the public gets this, even if Donald Trump doesn’t.

“The Government needs to help people who want to upgrade their homes and have more control of their energy bills, as well as billpayers who are going to struggle.

“This is a Trump Tax, plain and simple. It’s likely to be a painful economic hit to the UK with higher energy bills, rocketing food prices and more expensive mortgages.”

ENDS

Survation were commissioned by the End Fuel Poverty Coalition to interview 2,047 people from 2-7 April 2026. Data were weighted to the profile of the UK. Data was weighted by respondent’s sex, age, region, household income, highest qualification, and past vote (GE24, EU16).

Research tables can be downloaded here.

Iran conflict to cost the typical households £480 each

Rising energy costs triggered by the conflict in Iran are set to leave typical British households nearly £500 worse off this year, according to new analysis from the Resolution Foundation.

The thinktank calculates that the median working-age household, previously on track for modest income growth of 0.9%, could now see income fall by 0.6%, a swing worth around £480. Lower-income households will still see some benefit from the abolition of the two-child limit and above-inflation increases in Universal Credit, but the foundation estimates average income growth for the poorest fifth has been cut from 2.8% to just 1.2% as a result of the conflict.

The Foundation is urging ministers to accelerate work on a social tariff, a targeted support mechanism for lower-income energy users estimated and has the backing of former Conservative chancellor Jeremy Hunt, who estimated it would cost between £5bn and £10bn, but would sit within the Government’s fiscal rules. A Hunt-linked consultancy has previously estimated the Windfall Tax on energy firms could be generating excess revenue for the Treasury.

Meanwhile, Energy UK chief executive Dhara Vyas confirmed to media that a bill rise from 1 July is now inevitable, describing the market as “wildly unpredictable” given daily swings in global gas prices. She backed targeted support and called for accelerated investment in clean power as the only sustainable long-term answer to energy price volatility.​​​​​​​​​​​​​​​​

A spokesperson for the End Fuel Poverty Coalition commented:

“There is broad agreement that targeted support for struggling households is needed while clean power and improved energy efficiency is the long-term solution.

“New polling makes clear that the public understands the urgency of the here and now. Over four in ten people say they simply cannot afford the expected rise in bills this July, with many more worried about the impact of oil and gas prices on energy bills.

“Ministers should set out what support will be available and use the receipts from the Energy Profits Levy to pay for it. This Windfall Tax retains the support of voters and given that two thirds of the public believe energy firms are already profiteering from the Iran conflict, it is no wonder that voters back the Levy by a two-to-one majority.

“The Government should be listening to that public consensus, not to the powerful oil and gas lobbyists calling for the Windfall Tax to be ended just as energy profits are set to spike again.”

Eight in ten people fear rising bills as voters back energy Windfall Tax

The majority of the public are worried about rising energy costs as a result of the conflict with in Iran, according to new polling by Survation for the End Fuel Poverty Coalition.

83% of the public are worried about energy bills and 44% say they would be unable to afford the expected £228 annual increase in energy bills from 1 July. 

A quarter of these respondents claim they would be “completely unable to pay my energy bill” if costs rose to this level.

As energy bills are set to rise, a majority of the public (64%) believe that the energy industry is profiteering from the conflict in Iran.

Over half (53%) of the population say that ending the Windfall Tax now would be the wrong thing to do (just 22% felt that it should be ended) as some industry groups have called for.

More generally, 41% of the public support the Windfall Tax on energy firms, compared to just 17% opposing it. Meanwhile, almost half (47%) believe that windfall taxes should actually be extended to more companies within the energy industry.

A windfall tax is an additional tax applied when companies make unusually high profits, often due to external factors rather than increased productivity or investment.

Support for the Windfall Tax remains among voters from all parties, according to the data. Among those intending to vote for Reform UK in the next general election, 39% support the Tax with just 24% opposing it. For those thinking of voting Conservative, 44% still support the Levy and 19% oppose it.

Among Labour, Green and Liberal Democrat voters, support is even stronger – as is support for extending the taxes to other sections of the industry.

Backing for the Windfall Tax was also strong in all areas of the country, with people in Wales polling the strongest support for the Levy. Earlier detailed polling in Scotland had shown 41% backing the Tax with 19% opposing it, but the new data suggests that this support has deepened with 44% now in favour of the Levy.

Recent figures have shown that the energy industry made £125bn in profits on their UK operations in the last 5 years and in the month since the conflict in the Middle East began, the share prices of energy companies have soared adding over £233bn to the market capitalisation of firms and resulting in a boost in the wealth of energy firm bosses.

Simon Francis, End Fuel Poverty Coalition coordinator said:

“Trump’s attacks on Iran, the damage to Qatari gas production and the disruption to supplies has led to spikes in the costs of heating oil and gas.

“But while households will feel the effects of this for months to come, the energy industry will continue to benefit from increased prices and a fresh wave of excess profits.

“Not only is the Windfall Tax vital in raising revenue to help those most affected from high energy bills, but this must also be the moment that the country unites to push for more support for energy efficiency measures and boosts renewable energy plans to bring down bills and secure our energy supply for the long-term.”

Robert Palmer, deputy director of Uplift said:

“Politicians calling for an end to the windfall tax just as the oil and gas giants are about to make billions in bumper profits are tone deaf.

“Instead of siding with the profiteering oil industry, political parties should be standing up for billplayers who are facing a steep Trump Tax on everything from their energy bills, to petrol and food.

“Last time, when Russia invaded Ukraine, oil companies didn’t invest their windfall profits in more drilling, instead executives and shareholders got windfall payouts. The government needs to tune out the barrage of special pleading by the oil firms and their political cheerleaders, and focus on real solutions to this crisis.

“The only way to bring down energy costs over the long term is to get off our reliance on oil and gas, and invest as fast as we can in renewables. More North Sea drilling will not take a penny off our bills, only boost the profits of fossil fuel companies.”

ENDS

Survation were commissioned by the End Fuel Poverty Coalition to interview 2,047 people from 2-7 April 2026. Data were weighted to the profile of the UK. Data was weighted by respondent’s sex, age, region, household income, highest qualification, and past vote (GE24, EU16).

Questions cited in the news story (some totals will not sum to 100% due to rounding, sample sizes in Northern Ireland are below 50 and should not be taken as representative)

An Energy Profits Levy (EPL) or ‘Windfall Tax’ was levied on oil and gas companies operating in the UK in May 2022 in response to record oil and gas industry profits and the rapid increase in energy costs following the Russian invasion of Ukraine. It is due to be in place until 2030. Do you support or oppose, or neither support nor oppose, the current windfall tax on oil and gas company profits?

  • Strongly support: 20%
  • Tend to support: 21%
  • Neither support nor oppose: 26%
  • Tend to oppose: 9%
  • Strongly oppose: 8%
  • Don’t know: 16%
Total Voting Intention
LAB CON RFM LD GRN OTH
Strongly support 19.77% 27.43% 19.27% 15.02% 28.16% 20.25% 19.21%
Tend to support 21.34% 25.40% 24.44% 23.82% 33.60% 23.49% 12.85%
Neither support nor oppose 26.42% 25.42% 29.44% 26.48% 19.82% 22.46% 26.61%
Tend to oppose 8.94% 9.66% 10.07% 12.22% 7.24% 8.09% 7.49%
Strongly oppose 8.05% 5.60% 8.68% 11.62% 1.78% 7.51% 8.11%
Don’t know 15.48% 6.49% 8.10% 10.84% 9.41% 18.20% 25.72%
NET: Support 41.11% 52.83% 43.71% 38.83% 61.76% 43.74% 32.07%
NET: Oppose 16.99% 15.27% 18.75% 23.84% 9.02% 15.60% 15.60%
Total Region
London South Midlands North England Scotland Wales Northern Ireland
Strongly support 19.77% 18.64% 20.93% 15.61% 17.62% 18.65% 24.55% 22.06% 35.86%
Tend to support 21.34% 27.41% 19.77% 21.47% 19.47% 21.19% 19.49% 25.48% 24.59%
Neither support nor oppose 26.42% 25.28% 29.91% 26.95% 27.42% 27.94% 20.17% 20.47% 8.62%
Tend to oppose 8.94% 11.65% 7.72% 9.64% 7.82% 8.72% 10.89% 4.71% 17.09%
Strongly oppose 8.05% 8.30% 7.46% 7.62% 8.41% 7.88% 8.90% 8.21% 10.33%
Don’t know 15.48% 8.71% 14.21% 18.72% 19.25% 15.61% 16% 19.07% 3.51%
NET: Support 41.11% 46.05% 40.70% 37.07% 37.09% 39.84% 44.04% 47.54% 60.45%
NET: Oppose 16.99% 19.95% 15.18% 17.26% 16.23% 16.60% 19.79% 12.92% 27.42%

“It would be wrong to scrap the Windfall Tax now.”

  • Strongly agree: 24%
  • Somewhat agree: 28%
  • Somewhat disagree: 14%
  • Strong disagree: 8%
  • Don’t know: 26%
Total Voting Intention
LAB CON RFM LD GRN OTH
Strongly agree 24.22% 31% 20.69% 24.95% 29.22% 31.93% 20.74%
Somewhat agree 28.44% 32.61% 38.78% 28.27% 33.37% 22.77% 24.39%
Somewhat disagree 13.98% 14.10% 13.22% 19.03% 10.82% 11.77% 11.66%
Strongly disagree 7.79% 7.40% 5.35% 8.05% 8.53% 8.73% 6.96%
Don’t know 25.57% 14.90% 21.97% 19.70% 18.07% 24.80% 36.25%
NET: Agree 52.66% 63.61% 59.47% 53.22% 62.58% 54.70% 45.13%
NET: Disagree 21.77% 21.50% 18.56% 27.08% 19.34% 20.50% 18.63%
Total Region
London South Midlands North England Scotland Wales Northern Ireland
Strongly agree 24.22% 25.73% 27.10% 21.52% 18.35% 23.42% 29.51% 26.40% 29.01%
Somewhat agree 28.44% 33.39% 25.43% 28.81% 29.63% 28.46% 23.80% 32.63% 34.61%
Somewhat disagree 13.98% 15.86% 11.76% 16.61% 13.68% 13.85% 14.51% 9.51% 24.13%
Strongly disagree 7.79% 8% 7.95% 8.78% 7.67% 8.04% 6.22% 6.66% 6.85%
Don’t know 25.57% 17.01% 27.75% 24.28% 30.67% 26.23% 25.96% 24.80% 5.39%
NET: Agree 52.66% 59.13% 52.54% 50.33% 47.99% 51.88% 53.31% 59.03% 63.62%
NET: Disagree 21.77% 23.86% 19.72% 25.39% 21.34% 21.89% 20.74% 16.17% 30.98%

Which of the following statements best describes your view?

  • Energy companies are profiteering from the conflict in Iran: 64%
  • Energy companies are not profiteering from the conflict in Iran: 15%
  • I don’t know: 21%

Which of the following comes closest to your view?

  • Windfall Taxes should be extended to more companies within the energy sector: 47%
  • Windfall Taxes should not be extended to more companies within the energy sector: 21%
  • Don’t know: 32%

How concerned are you about the potential rising costs for the following due to the conflict in Iran, if at all? – Energy bills

  • Very concerned: 55%
  • Somewhat concerned: 28%
  • Not very concerned: 8%
  • Not at all concerned: 4%
  • Don’t know: 5%
  • NET, concerned: 83%
  • NET, not concerned: 12%

Some predict average energy bills to increase by £228 per year in July. If your energy bill were to increase by this amount, which of the following statements best reflects your view?

  • I would be unable to afford this energy bill price increase: 44%
  • I would be able to afford this energy bill price increase: 38%
  • Don’t know: 15%
  • Prefer not to say: 3%

In the previous question you said that you would be unable to afford this energy bill price increase.In a scenario where your energy bill increased by £228, which of the following statements best reflects your view?

  • I would have to cut back on essential goods to afford to pay for my energy bill: 49%
  • I would be completely unable to pay my energy bill: 25%
  • I would have to cut back on luxury goods to afford to pay for my energy bill: 15%
  • I would be unable to afford this energy price increase, but I will not cut back on any spending to be able to pay for my energy bill: 9%
  • Don’t know 2%
  • Prefer not to say: 1%

Wall Street counts its winnings as UK households suffer

As ordinary households brace for higher energy bills and rising inflation driven by the Iran war, the world’s largest investment firms have watched their stakes in oil and gas companies surge in value. The numbers are staggering.

The Mirror has revealed that BlackRock, the New York-based asset manager, oversees more than £10 trillion in assets on behalf of governments, pension funds, and wealthy individuals. It is also the largest shareholder in Centrica, the owner of British Gas.

Since the Iran war erupted at the end of February, the value of BlackRock’s stake in Centrica has jumped by more than £30 million. Its holdings in Shell have leapt by £860 million. Its BP investments are up £580 million. It also holds stakes in Chevron, ExxonMobil and ConocoPhillips.

It is not just BlackRock. German chemicals giant BASF sold a 5% stake in North Sea producer Harbour Energy in late March, weeks after the war began, netting £36 million more than it would have received before the crisis.

Meanwhile, Harbour Energy chief executive Linda Z Cook has seen her personal shareholding rise by millions.

The knock-on effects for UK households, already navigating a cost of living crisis, will be felt at the petrol pump, on energy bills and through wider inflation.

A spokesperson for the End Fuel Poverty Coalition, commented:

“Behind these share price gains sit a small group of the world’s most powerful investment firms. These are not passive bystanders. They are the financial architecture that keeps oil and gas profits flowing from the pockets of ordinary people into the pockets of those who already have the most.

“That the world’s biggest investment firms will have seen their holdings surge in value as ordinary households face soaring bills will sicken anyone struggling with the economic consequences of Trump’s conflict.

“And it is worth remembering that these firms are also among the most powerful lobbying voices in global financial markets.

“The concentration of energy wealth in the hands of a small number of giant investment firms underlines why a strong windfall tax, with revenues redirected to households, is not just fair, it is essential.

“If the Government is serious about using these revenues to help people struggling with their bills, it must resist the lobbying power of an industry whose backers have rarely had it so good.”

Damage already done to UK household finances from Iran conflict

The ceasefire between America and Iran has seen the market prices of gas and heating oil reduce from peaks.

But one market analyst warned that “the two-week ceasefire is likely to be fraught with uncertainty, but for now there are hopes that it will be a precursor to a longer-lasting agreement. There is a chance that the cost-of-living crisis consumers are already having to deal with may not be quite as painful.”

In early trading [by 1000 8 April], UK gas prices remained 38% up year on year with Heating Oil wholesale costs up 78% on 2025.

A spokesperson for the End Fuel Poverty Coalition, commented:

“Despite the Iranian ceasefire, the damage has been done for households. The surges in oil and gas costs have already hurt household finances and will continue to have an impact on energy bills for months to come.

”Oil, LPG and gas costs have spent over five weeks at elevated levels hitting some households immediately and all households will feel the costs from 1 July when the next Ofgem price cap period starts.

”For as long as our energy system is hooked on oil and gas prices, history will keep repeating itself and our bills will be at the mercy of decisions taken by Trump, Putin and Gulf States.

”This must be the moment we push for more support for energy efficiency measures and renewable energy to bring down bills and secure our energy supply for the long-term.”