Sir Keir Starmer says people should carry on filling up their vehicles despite concerns about rationing due to Iran war. The PM says he will chair a Cobra cost of living meeting tomorrow.
Starmer is meet with executives from some of the country’s largest energy firms today as a part of the government’s efforts to secure fuel supplies during the conflict in the Middle East
There is a warning that the country could start to have diesel shortages from the middle of April while some flights could also be disrupted as a result of a global shortage of jet fuel
Alongside that meeting the Chancellor Rachel Reeves and Energy Secretary Ed Miliband will join a virtual G7 meeting of energy and finance ministers, alongside central bank governors.
The chancellor is expected to argue that unless global supply chains are stabilized, existing shortages will be made worse, hitting growth across the world.
According to Reuters, Brent crude has risen to around $116 per barrel, with gains of about 59% over the recent period.
The increase comes amid escalating tensions in the Middle East and Houthi attacks, raising risks to oil supplies.
Bloomberg is reporting that in conversations with more than three dozen oil and gas traders, executives, brokers, shippers and advisers over the last week, one message was repeated over and over:
The world still hasn’t grasped the severity of the situation. Many drew parallels with the 1970s oil shock, warning the closure of the Strait of Hormuz is threatening an even bigger crisis.
