Campaigners are warning that some houses in the UK are seeing heating prices ‘jump almost overnight’.
Campaigners have warned that some UK home are ‘starting to suffer’ due to Middle East conflict.(Image: Getty Images)
Despite the conflict between Iran, the US, and Israel taking place across the Middle East, Brits on home soil are sadly also feeling the impact. With concerns increasing about the impact the conflict will have on oil prices, campaigners have stated that some homes in the UK are already “starting to suffer”.
While many households run off gas and electricity, there are around 1.5million homes in the UK that instead use heating oil. Sadly this type of fuel is not covered by the Ofgem price cap, which limits how much suppliers can charge for energy, meaning many Brits are directly impacted by the fluctuations in oil pricing.
With worries that the conflict is impacting the Strait of Hormuz, this could have a direct impact on Brits when it comes to running businesses, heating homes or buying petrol. This is highly worrying as this area sees around a fifth of the world’s oil pass through it.
While there have been no current reports of petrol prices hiking up yet, there have been reports that the cost of heating oil has continued to surge. The End Fuel Poverty Coalition has even stated that this hike has now reached levels that haven’t been seen since the early days of the Ukraine invasion, reports the Mirror.
The campaigners claim that some customers have suggested that 1,000 litres of heating oil now costs them almost £985. This is a shocking jump as it states that this amount of oil cost households £670 in January, claiming a jump of over £300 in just a couple of months.
Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “These homes are also those that are among the deepest fuel poverty as the cost of home improvements which could help reduce energy use can be prohibitive.
“This means that when overseas conflicts send oil prices soaring, the cost of heating for families in rural and off-grid homes can jump almost overnight.”
He added: “While other households are protected by the energy price cap for now, homes heated by oil are starting to suffer now and may need urgent support.”
Money Saving Expert founder Martin Lewis has also recently shared a separate warning for Brits who currently rely on heating oil. In a social media post, he said: “The home heating oil situation is terrible for many unlucky enough to be about to refill.
“The solutions of ‘comparison’ and ‘collective buying’ are weak at this time. The outrage is this is an unregulated, unprotected, market (we’ve long called for that to change). We are subserving many, especially those who live in rural communities.”
In recent days, the Strait of Hormuz has reportedly ground to a halt after several shipping vessels were attacked. This has sent oil prices rising as Brent Crude Oil was seen to jump to around $87 (£64.82) for a barrel.
On top of this, some energy suppliers have begun pulling their fixed-price tariff deals, with Uswitch data showing the number of available deals has dropped by more than half.
However, it should be noted that energy prices are still set to fall from April due to Ofgem’s new price cap. For a typical dual fuel household, the price cap will drop from £1,758 to £1,641 per year from April 1.
Although, experts are warning that these prices are likely to rise by 10 per cent from July. Analysts from Cornwall Insight have forecast that the price cap will increase by £160 from April to July through to September at a predicted price of £1,801 per year.
Brits are being told that the overall final price cap figure will depend on how long the Middle East conflict will continue for as it will likely have a direct impact on the price.