Sir Keir Starmer has warned the government will not tolerate profiteering or unfair practices as a result of rising oil prices
The Prime Minister says he will not hesitate to step in if customers are being defrauded by companies amid conflict in the Middle East.
Prices increased as Iran launched retaliatory attacks following attacks by the United States and Israel, increasing energy costs and soaring heating oil bills in homes.
Before visiting Northern Ireland today, the Prime Minister said ‘global instability is having real impacts on the lives of working people in the UK’.
Threats from Tehran have blocked shipping in the Strait of Hormuz, a vital artery for global oil and gas supplies.
The International Energy Agency on Wednesday said it would release 400 million barrels of oil to global markets, including 13.5 million from the United Kingdom, to prevent short-term market disruptions.
Prices hit a four-year high above US$100 a barrel on Monday and fell on Tuesday as US President Donald Trump signaled the war could end soon.
Earlier on Thursday, the price of Brent crude, the international benchmark, surpassed $100 (£74) per barrel, while the price of US crude rose to around $95 (£71) per barrel.
