May 21, 2026 · 50 min · 12 segments
**Conflict in the Middle East has pushed up energy prices in the UK. Even if the war ends soon, prices may not return to pre-war levels, and government could still face pressure to support…
Dieter HelmGuest
Peter LevellGuestHelen MillerHost
So, as you said, conflict has broken out in, in the Middle East, turned into a regional conflict.
Uh, that's led to the closure of the Strait of Hormuz, which is where the world gets much of its oil and other, other important commodities, including natural gas.
And that's, uh, been a, that's been another shock to the energy markets, the second big shock to the energy markets in, in, in four years since the Russia-Ukraine war.
And it's led to about, uh, so far about a 50% increase in the Brent crude oil price and, uh, natural gas prices have risen by about a third.
And these are quite rapid price rises since this is a conflict that only started at the end of, of, of February.
Um, and they've been compared to the increases at the start of the Russia-Ukraine war, but they're not quite as large.
So the oil price, uh, has gone up at, at a similar rate, uh, as it did then, but natural gas prices have mu- risen far less than they did in that conflict.
So we're gonna come back to the here and now, uh, kind of at the end, but I think it's worth, it really is worth unpacking, uh, what's happening and actually why the gas price is so important, uh, in the UK.
So, as you said, conflict has broken out in, in the Middle East, turned into a regional conflict.
Uh, that's led to the closure of the Strait of Hormuz, which is where the world gets much of its oil and other, other important commodities, including natural gas.
And that's, uh, been a, that's been another shock to the energy markets, the second big shock to the energy markets in, in, in four years since the Russia-Ukraine war.
And it's led to about, uh, so far about a 50% increase in the Brent crude oil price and, uh, natural gas prices have risen by about a third.
And these are quite rapid price rises since this is a conflict that only started at the end of, of, of February.
Um, and they've been compared to the increases at the start of the Russia-Ukraine war, but they're not quite as large.
So the oil price, uh, has gone up at, at a similar rate, uh, as it did then, but natural gas prices have mu- risen far less than they did in that conflict.
So we're gonna come back to the here and now, uh, kind of at the end, but I think it's worth, it really is worth unpacking, uh, what's happening and actually why the gas price is so important, uh, in the UK.
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