Starmer says Government will ‘step in’ to protect Brits from profiteering
Sir Keir Starmer has warned the government will not tolerate profiteering or unfair practices as a result of the rising oil prices
The Prime Minister says he will not hesitate to step in if customers are ripped off.by companies amid the conflict in the Middle East.
Prices have seen an increase after Iran launched retaliatory strikes following attacks by the US and Israel, pushing up energy costs and sending home heating oil bills soaring.
Before visiting Northern Ireland today, the Prime Minister said ‘global instability has real impacts on the lives of working people across the UK’.
Threats from Tehran have choked shipping through the Strait of Hormuz, a vital artery for global oil and gas supplies.
On Wednesday, the International Energy Agency said it would release 400 million barrels of oil onto global markets, including 13.5 million from the UK, to prevent short-term market disruption.
Prices reached near four-year highs above 100 US dollars a barrel on Monday, before falling on Tuesday as US President Donald Trump signalled the war could soon be over.
Early on Thursday, the price of Brent crude oil – the international benchmark – topped 100 dollars per barrel (£74), while the US crude oil price rose to about 95 dollars (£71) a barrel.
