The Chancellor has noted that escalating tensions between Israel and Iran have caused oil and gas prices to increase by over 10%. Rachel Reeves emphasized the dual concerns of rising energy costs and the stability of crucial trade routes like the Strait of Hormuz. She highlighted the government's readiness to support citizens should energy prices continue to soar. Analysts, including JPMorgan's Natasha Kaneva, warn that the conflict could evolve into a broader issue with unpredictable effects on global energy markets.
Rachel Reeves insisted to the BBC in an interview that the government will not take anything off the table to help support Brits should energy price soar.
Last week, JPMorgan's Natasha Kaneva said Israel's attack on Iran will push the region into a "new conflict with uncertain consequences."
The Chancellor said, "we're not anywhere near that stage" at the moment as it is "early days."
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%."
Collection
[
|
...
]