Britain has just TWO DAYS’ worth of gas stored up – sparking fears of a supply shortage as Iran shuts the Strait of Hormuz and bombards gas and oil refineries

Britain has just two days’ worth of natural gas in storage, raising fears of a shortage crisis as conflict in the Middle East shuts down the world’s largest gas facility and Iran blocks a key shipping channel.

According to new data published by National Gas, the UK’s gas reserves fell from 18,000 GWh to 6,700 GWh last year; This is only enough to meet the demand for 1.5 days. A similar amount is also stored as liquefied natural gas (LNG).

Europe is much better prepared for fluctuations in supply, with gas stored for several weeks.

Traders are taking advantage of the situation by charging high prices for gas to the UK, even though they know they have no choice but to outpace their European rivals. The UK currently pays the highest wholesale gas price in Europe.

The gas market disruption is due in part to the near-complete closure of the Strait of Hormuz, through which about 20 percent of the world’s natural gas and oil passes, as well as the halting of production in some places.

At the beginning of the week, Qatar announced that it had suspended production of the world’s largest natural gas facility, Ras Laffan, after it was bombarded by Iran.

Meanwhile, industry experts have warned that oil prices will soon rise to $100 per barrel, and if the war continues, that figure could rise to $150.

The increase in gasoline and oil prices was as follows:

Natasha Fielding, head of gas pricing at leading commodity data publisher Argus Media, said: ‘The price of gas in the UK has risen more than almost anywhere else in Europe.

‘UK gas hub price currently above Dutch TTF [the main European gas hub] from now until the end of May. Before this week, the UK’s price was below the EU’s.

He said this was partly because the UK’s inadequate gas stocks leave us ‘more exposed to price rises’, adding: ‘We can’t rely on drawing more from storage, so we need to buy this gas from abroad.’

Ms Fielding said traders would be monitoring temperatures in Britain and if the weather cooled Britain would have to bid higher for gas than other countries.

The UK had gas that could be stored for up to 12 days but the system collapsed after successive government ministers withdrew funding.

National Gas data showed gas tanks were at 18 percent of their previous capacity on Friday, while LNG tanks were just over half full.

A National Gas spokesman said the UK got most of its gas from Norway and its own North Sea.

they said Telegram: ‘The UK benefits from a wide range of gas supply sources. These provide the flexibility needed to balance supply and demand.’

Meanwhile, fears are growing of a significant increase in oil prices, largely due to disruption of flows in the Strait of Hormuz.

The world’s largest natural gas facility, Ras Laffan in Qatar, suspended its operations earlier this week after it was attacked.

Rough gas storage facility off the Yorkshire coast, accounting for around 50 per cent of the UK’s capacity

Iran’s Revolutionary Guard has vowed to ‘set fire’ to Western tankers trying to pass through the strait, and hundreds have since gathered at both ends.

Goldman Sachs has warned that the current decline in Middle East oil production is 17 times greater than the peak decline after Russia invaded Ukraine.

Oil prices have already risen above $90; While American crude oil settled at $90.90 on Friday, an increase of 36 percent compared to a week ago, the international benchmark Brent fell by 27 percent to $92.69 during the week.

The bank said: ‘If no signs of resolution emerge by then, we think oil prices are likely to exceed $100 next week.

Goldman Sachs has warned that the current decline in Middle East oil production is 17 times greater than the peak decline after Russia invaded Ukraine. A fire broke out after being struck by drone debris in the Fujairah oil industrial area in the United Arab Emirates

‘We also think that if Strait of Hormuz flows remain low throughout March, oil prices, especially for refined products, will surpass the peaks of 2008 and 2022.’

UK households should expect to be ‘affected from multiple sides’ by price rises caused by conflict in the Middle East, experts have told them.

Professor Mohamed El-Erian, of the University of Pennsylvania, told BBC Radio 4’s Today programme: ‘Once again, we are seeing the UK being more vulnerable to external shocks, which will translate into higher mortgage rates. So the average person will unfortunately be hit from more than one dimension.

‘The average person will face higher energy prices, but also higher mortgage rates and, slowly but surely, noticeable increases across a wide range of products and services due to supply chain disruptions.’

Any price increases on household bills will occur in July, when a new energy price cap will be set.

Energy infrastructure has become a key battleground in the current conflict, with Israel attacking oil facilities in Iran overnight.

Tehran went up in flames; Residents described the night sky as bright as day and a river of fire burning along the oil spill from a facility.

Huge fireballs could be seen exploding across the city skyline and a pungent burning smell hung in the air as both the US and Israel redoubled their commitment to fight until the Iranian regime was ‘eliminated’.

This follows US President Donald Trump’s pledge to step up attacks as the war in the Middle East enters its second week.

Last night he took aim at British Prime Minister Sir Keir Starmer, insisting ‘we don’t need people joining Wars after we’ve already won’ after it was revealed Britain was preparing an aircraft carrier to be deployed to the Middle East.