UK gas prices surge 140% amid Middle East crisis

Wholesale gas prices in the UK have soared to their highest levels in over three years, driven by escalating tensions in the Middle East that are disrupting global energy supply chains.

Prices hit 171.34 pence per therm, the highest since January 2023, reflecting an increase of about 140 percent from 71.13 pence per therm recorded on 28 February, when conflicts involving Iran escalated, Caliber.Az reports via foreign media.

The surge comes after missile attacks damaged parts of Qatar’s Ras Laffan liquefied natural gas (LNG) facility, a major hub for global gas exports. 

The strikes have raised concerns about the reliability of supply, especially for nations dependent on Qatari shipments. With the UK relying heavily on imported gas, including supplies from the Middle East, households and businesses face heightened vulnerability to volatile wholesale prices.

By Jeyhun Aghazada