- UK households are being warned that their annual energy bills could increase by £500 due to the ongoing conflict in the Middle East.
- The escalation of the conflict, following attacks by the US and Israel on Iran, has raised fears over crucial oil and liquefied natural gas supplies from the Gulf.
- Latest figures indicate that the price of UK wholesale gas has almost doubled since the war began.
- The Resolution Foundation issued this warning after the Chancellor's Spring Statement, highlighting that sustained price rises could add a percentage point to inflation.
- This potential increase would be particularly damaging for poorer families and could lead to a rise in Ofgem's energy price cap in the coming months, despite a recent fall.
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