Why this matters:Rising global oil prices could increase household energy costs and wider living expenses across the UK. Date: 22 March 2026 Tags: Energy, UK, Economy, Business Summary: British Gas owner Centrica warned higher energy bills are “inescapable” if oil prices remain high. Oil prices have risen about 45% since the Iran conflict began. Disruption in the Strait of Hormuz has significantly affected global oil supply. Around 20% of global oil normally passes through th