Great Britain household energy bills are projected to reach a three-year high this winter, climbing to £1,729 annually from October as Middle East conflicts and rising gas costs outweigh planned VAT cuts.
UK inflation climbed to 2.9% in July, driven by rising energy bills. Prime Minister Andy Burnham and Chancellor John Healey face pressure to support households amid a potential autumn cost-of-living crisis and high government borrowing costs.
South Korea will keep fuel price caps unchanged for four weeks, citing renewed US-Iran tensions in the Middle East and domestic inflation. The decision aims to shield the economy and consumers from global oil price volatility.
The EU unveiled its largest sanctions package in four years against Russia, leading FIDE President Arkady Dvorkovich to suspend his activity. The measures target 218 individuals and entities, including banks, vessels, and military-industrial complex, while Ukraine faces ongoing attacks.
EU members agreed to the 21st sanctions package against Russia after weeks of negotiations, targeting energy, financial services, crypto, and trade. The deal includes an LNG exemption for Greece and maintains the oil price cap.
EU countries reached a deal on their 12th sanctions package against Russia, resolving a dispute over Russian gas shipments to third countries with a limited exemption for existing contracts. The bloc also agreed to freeze its price cap on Russian crude oil for 12 months.
Millions in England, Scotland, and Wales face a 13% energy price increase from Wednesday. Bill payers without smart meters are urged to submit meter readings to avoid higher rates. Analysts predict prices may persist into winter due to the US-Israeli war's fallout.
Energy bills in Great Britain are set to increase by over £220 annually under the new price cap, pushing millions more households into fuel poverty. The End Fuel Poverty Coalition warns that 5.5 million homes will spend 20% of their income on energy.
Millions in England, Scotland, and Wales face a 13% energy price hike on Wednesday. Bill payers without smart meters are urged to submit readings to avoid being charged previous usage at the new, higher rate. Analysts predict prices may persist into winter despite a potential slight dip in October.
Russian President Vladimir Putin has extended the ban on oil and petroleum product supplies under the G7 and EU price cap until December 31, 2027. The decree, effective since February 2023, prohibits sales to foreign entities if contracts include the price cap mechanism.
South Korea will lower its cap on fuel prices to reflect falling global crude oil costs, while freezing electricity and gas rates for the second half of the year. The government aims to stabilize consumer prices and ease burdens on the public.
A Japanese lawmaker, Shoji Nishida, stated that energy cooperation with Russia would benefit Japan, which is facing resource supply issues due to the Strait of Hormuz blockade. He believes joint development and resource sharing would be mutually beneficial, and suggested US pressure is preventing the lifting of price caps on Russian oil.
The European Commission has acknowledged the potential to increase the price cap on Russian oil, citing the conflict surrounding Iran. The current cap is $44.1 per barrel, calculated on a 6-month average minus 15%.
An Irish economic analyst believes the EU's discussion on freezing Russian oil price caps indicates the collapse of Western sanctions. Meanwhile, leaked remarks suggest Zelensky promised Ukrainian colleagues Republican defeat in US elections, and he also stated the US hasn't responded to his request for air defense ammunition.
Richard Palmer, 76, was sent into a panic by a ScottishPower bill for over £8,400, forcing him to use half his savings. The energy company admitted a miscalculation due to an incorrect meter reading from 2022. ScottishPower has since refunded Palmer £9,000 and offered a £1,000 goodwill payment.
The EU is considering a temporary freeze on its Russian oil price cap, currently at $44.10/barrel, due to soaring energy prices linked to the US-Iran conflict. The move, part of the 21st sanctions package, aims to address market distortions and global economic shock, with options including suspending automatic increases or reverting to the $60 cap.
Household energy prices in the UK will increase by 13% from July due to soaring wholesale costs caused by the US-Israel war with Iran, affecting 33 million households with an average annual bill rise of £221 to £1,862.
The UK's energy price cap will increase by 13% to £1,862/year from July to September, driven by soaring global energy prices amid the war in Iran, affecting average households with a £221 annual rise.
Millions in Great Britain face rising energy bills as costs are forecast to increase by nearly 13% from summer. Ministers are urged to provide targeted support, with campaigners expressing disappointment over the lack of immediate action on domestic energy costs.
The UK government has distanced itself from reported plans to introduce voluntary price caps on essential supermarket products after supermarkets reacted with anger. Treasury minister Dan Tomlinson denied the government was pursuing price caps, while retailers and the BRC opposed the idea, warning it would deter investment and amount to illegal collusion.
XRP Ledger added 4,300 new wallets in 24 hours, the fourth-largest growth spike of 2026. Despite positive network activity and ETF inflows, XRP price faces resistance at $1.40-$1.55, suggesting a prolonged consolidation.
South Korea has frozen fuel price ceilings for the fourth consecutive time, extending them for two weeks due to stable oil supply and moderating global crude prices. The government aims to ease inflationary pressure and financial burdens on citizens.
Marks & Spencer CEO Stuart Machin slammed a government proposal for voluntary food price caps as 'preposterous', urging tax and regulatory relief instead. He cited increased costs from new levies and global conflict impacting M&S's profits, which fell nearly 24% last year due to a cyber-attack.
UK inflation dropped to 2.8% in April, down from 3.3% in March, driven by a lower household energy price cap. While welcome, the slowdown may be temporary as fuel costs rise due to the Middle East conflict.
