Headline: Energy Bill Rise “Inescapable” if Oil Prices Stay High, Says British Gas Boss

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 the strait.

• Consultancy forecasts suggest bills could rise by £332 from July.

• Gas supply disruption is smaller, affecting only 3–4% globally.

• Electricity bills may be less impacted than petrol prices.

• The UK government is considering targeted support for households.

• Officials are holding emergency talks on cost-of-living impacts.

• Calls for profit caps on energy firms have been rejected for now.

What’s next:Government decisions on support measures and energy policy will depend on how global prices develop.