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Home Business NewsChancellor warns conflict in the Middle East has increased oil and gas prices

Chancellor warns conflict in the Middle East has increased oil and gas prices

by Thea Coates Finance Reporter
16th Jun 25 8:39 am

The Chancellor has warned conflict in the Middle East between Israel and Iran has pushed up oil and gas prices by 10%.

Rachel Reeves has issued a warning over the impact of trade and Iran has threatened to close the Strait of Hormuz which transports energy supplies world-wide.

Rachel Reeves insisted to the BBC in an interview that the government will not take โ€œanything off the tableโ€ to help support Brits should energy price soar.

The Chancellor said, โ€œweโ€™re not anywhere near that stageโ€ at the moment as it is โ€œearly days.โ€

Reeves told Sky News, “There are two immediate concerns. The first is around oil and gas prices. Over the course of this week, oil and gas prices have gone up by just over 10%.

โ€œThey are still down compared to a few months ago but of course we are keeping an eye on that.

“At the same time, trade routes are very important through the Middle East. We’ve seen disruption there in the past, partly because of the Houthi attacks for example, and so that is of course a concern.”

Last week, JPMorganโ€™s Natasha Kaneva said Israel’s attack on Iran will push the region into a โ€œnew conflict with uncertain consequences.”

She added, โ€œWhile the initial attack avoided energy targets, the Israeli offensive could extend over several days, with Iran vowing to retaliate, potentially having a significant impact on global energy markets.โ€

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