Gas prices spike over Iran war: comment
Comment on gas prices spiking to over a 12-month high following renewed conflict in the Middle East
By Jess Ralston
info@eciu.netShare
Last updated:
Gas prices have spiked to over a 12-month high following renewed conflict in the Middle East [1], with Qatar halting production of liquefied natural gas (LNG) and other producers in the region also closing facilities or suspending production [2]; Qatari LNG production is equivalent to about 20% of global supply.
Commenting, Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU) said:
“With many households still carrying debt from the last gas crisis, the spike in prices is a worrying sign that bills for both homes and businesses could rise again. It’s a reminder that the UK is still, as the Energy Crisis Commission warned [3], too dependent on gas, the price of which is set on international markets beyond the UK’s control. North Sea output is just too small to make any difference to these prices and will continue to decline irrespective of any new licences.
"It’s another reminder that if the UK is to shield itself from this kind of volatility, it's critical we switch to electric heat pumps rather than gas boilers to heat homes and further boost British renewables to power our houses and businesses. This transition to net zero technologies is well underway, and recent auctions to secure more wind and solar mean the UK will be much less reliant on gas." [4]
Notes to editors:
1. Trading Economics: https://tradingeconomics.com/commodity/uk-natural-gas
2. Reuters: https://www.reuters.com/business/energy/saudi-aramco-shuts-ras-tanura-refinery-after-drone-strike-source-says-2026-03-02/
3. Energy Crisis Commission: https://energycrisiscommission.uk/
4. ECIU: https://eciu.net/media/press-releases/contracts-for-difference-allocation-round-7-results-comment
For more information or for interview requests:
George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: george.smeeton@eciu.net