Britons face ‘risk premium’ for energy as US-Israel war on Iran intensifies

Key Facts

• Fact 1: London, United Kingdom – Andrew, a 70-year-old retiree from the eastern English city of Norwich, had enrolled months ago in a fixed-rate energy plan for 18 months, learning from earlier price shocks caused by wars.
• Fact 2: Petrol prices strain US households as oil giants Chevron, Exxon profits soar Inside the UK’s ‘stressful’ cost of living crisis Burnham hopes to tackle Days ago, Ofgem, the energy regulator for England, Scotland and Wales, announced a 4 percent increase of the energy price cap from October 1, 2026, a result of the sharp rise in wholesale gas prices due to the United States-Israel war on Iran.
• Fact 3: Andrew, 70, is among the third of Britons locked into a deal whereby his bills will not rise for some time [Courtesy of the family]“I don’t think there’s going to be clarity,” he said.
• Fact 4: I’m starting to think, if it’s not one conflict zone, it will be another.” According to Ofgem, 35 percent of households in England, Scotland and Wales are on similar, fixed-rate energy plans, and will not be immediately affected by the Ofgem price cap increase.