CNBC
27 May 2026, 12:41 UTC · 2h ago
Source · https://www.cnbc.com/2026/05/27/uk-energy-bills-price-cap-ofgem-iran-war-oil-shock.html
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The closure of the Strait of Hormuz and the Iran war have caused Brent crude to surge 33.5% and Dutch TTF gas futures to jump nearly 50%. — Major geopolitical disruption to critical energy shipping routes causes immediate, high-magnitude spikes in global commodity prices and inflationary pressure.
-0.90Ofgem is raising the U.K. energy price cap by 13% in July, with gas bills specifically increasing by 24%. — Significant increases in household energy costs reduce disposable income for consumers and heighten the risk of a domestic economic slowdown.
-0.60Cornwall Insight forecasts a further increase in the U.K. energy price cap to £1,899.44 in October. — Expectations of sustained price increases through the winter suggest prolonged inflationary pressure and continued cost-of-living stress.
-0.40Euro zone energy prices jumped 10.8% in April from the previous year due to the energy shock. — Confirms that the energy price shock is a systemic European issue rather than a localized U.K. problem, impacting broader regional growth.
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