Business · 3 March 2026
UK gas up 46% after Iran shipping threat
Alf van Beem via Wikimedia Commons (CC0 1.0)
Fuel and oil prices dramatically increased, and stock markets declined, after an Iranian official issued a threat regarding shipping in the Strait of Hormuz. UK gas prices surged more than 46% to a three-year high, while Brent Crude oil climbed above $81 a barrel. Britain's FTSE 100 index fell significantly, and French and German markets likewise recorded downturns, with specific figures varying across reports. In addition, QatarEnergy suspended its output because of military engagements, which then drove natural gas prices upward and heightened worries about inflationary pressures.
Reported by BBC · How we write briefs