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200 days of Iran-US war: Gas prices at 4-year high with bills & inflation set to rise
200 days of Iran-US war: Gas prices at 4-year high with bills & inflation set to rise
Wednesday 16 September 2026 marks 200 days since conflict began in the Middle East.
Last updated: 17 Sept. 2026
Since then, global oil and gas prices have been volatile and in recent days these costs have spiked, particularly UK gas prices [1]. The war has caused energy bills [2], petrol and diesel prices [3], and inflation to rise [4], in the UK and elsewhere with further increases anticipated.
Commenting, Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU), said: “Gas prices have hit a 4 year high, with petrol and diesel costs already climbing and analysts warning that energy bills could rise again in the new year. It’s a stark reminder that conflicts thousands of miles away can still hit households here, especially those already struggling with the cost of living. The Energy Crisis Commission warned [5] that the UK remains ‘dangerously underprepared’ for future energy shocks. It set out that the clearest way to protect households is to reduce our dependence on volatile oil and gas markets through electrification and renewables. More drilling in the North Sea won’t bring down bills or reverse the basin’s long-term decline. If the UK wants to increase energy security, lower exposure to global crises and so energy price volatility, it will need to accelerate the rollout of heat pumps, electric vehicles, and homegrown wind and solar power.”
[1] Brent Crude prices (LSEG, presented by FT, accessed 15 Sep 2026) and UK Natural Gas (TE, accessed 16 Sep 2026). This UK benchmark gas price averaged over 188p
therm on 8 Sep 2026, the first time the daily value has exceeded the 186p
therm seen on the last trading day of 2022 (26 Dec 2022). Prices were even higher in early trading on 9 Sep 2026. Similar results are being seen on other markets that trade across various timescales (spot, month-ahead, etc).
[2] Energy bills forecast to jump 25%, Bloomberg analysis finds (Bloomberg, 15 Sep 2026)
[3] Weekly Road Fuel Prices (DENSZ, accessed 15 Sep 2026) [4] CPI data for August 2026 (ONS, 16 Sep 2026) [5] UK ‘dangerously underprepared’ for future energy crisis: Commission report (Energy Crisis Commission, October 2024)
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