Four years after Russia’s invasion of Ukraine, the world is bracing for another energy crisis. The US-Israel bombing of Iran and then the blockade of the strait of Hormuz have forced up the price of oil. The price of natural gas in Europe has also risen sharply.
In the UK, Prime Minister Keir Starmer has announced a £50 million package to support consumers who heat their homes with oil. The government is also considering a U-turn on the decision to increase fuel duty (currently almost 53p per litre of petrol or diesel) in September after a 15-year freeze. Other taxes would need to go up to compensate.
