The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.
Brent crude, the international benchmark for oil prices, rose 2.7% to about $100.6 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.
UK and mainland Europe gas prices also soared on Wednesday. The benchmark Dutch gas contract rose by almost 4% to €78.73 a megawatt hour, the highest since January 2023. Meanwhile, the British contract rose by 7.77p to 196.57p a therm, the highest since December 2022.
Yeah because electricity prices are unaffected by oil prices… Right?.. Right?!?
They dropped relative to inflation here, only natural gas prices went up a fair bit.
I fully electrified my house and use a bike for transport.
I’m a heavy power user. I have a wall of synthesizers and a shed full of power tools. Also a mobile aircon for during the massive heatwaves and I have an e-bike. But my energy bills have doubled since Iran closed the strait. My supplier only uses national green energy.
Well the summary mentions UK gas prices soaring. Which is true, but electricity increased by so little its a drop relative to inflation.
The media report it as “the average house bill will go up by x”. A lot of people still insist on buying gas boilers and I will just sit here and laugh at them as I sit in my toasty living room with a heat pump.
You chose the fossil fuel option, its on you. Mainly looking at people with new installs, I know a few of them.
I don’t have gas, there’s central heating in my city. I only have green energy.
Beginning of covid I paid 35 euros per month on electricity. During the war in Ukraine it went up to 120, then down to 70. Now since the war with Iran I’m paying 160. My country holds the largest oil reserves in Europe and, again, my energy supplier promotes they only have 100% green renewable energy.
They are where I am.
You’re in the UAE? Here in Europe they are highly fluctuating, getting a new energy contract deal changes every day by a landslide. All because of the war with Iran.
Got photovoltaics and prices are fixed 12 to 24 month here in Germany. Unlike gas I can make electricity myself. The faster we wean off oil, the faster we become unaffected. Also no gas heating helps
The fluctuating price of electricity exceeds the price of fossil fuel? It’s way cheaper in Australia.