UK Households Braced for Higher Energy Bills as Wholesale Gas Prices Soar

UK households are bracing for higher energy bills this winter as wholesale gas prices hit their highest level in nearly four years. The latest surge in oil costs, fueled by attacks on Iranian oil tankers and concerns over supply disruptions in the Middle East, has pushed Brent crude oil above $100 a barrel for the second time this year.

The UK's natural gas price rose 3% to around 195p per therm, its highest level since December 2022. This increase is expected to feed through into consumer energy bills when Ofgem's energy price cap rises by 4% in October and potentially again in January, with analysts predicting a 13% hike.

Experts warn that the rising costs will disproportionately affect vulnerable households already struggling with energy debt. 'The wholesale cost of gas has hit a high not seen since December 2022, while heating oil prices have also surged upwards again,' said Simon Francis, coordinator of the End Fuel Poverty Coalition.