Sir Keir Starmer has issued a stern warning to the government, emphasizing that profiteering or unfair practices in the wake of climbing oil prices will not be tolerated.

The Prime Minister has made it clear that he is prepared to take action if companies exploit the situation in the Middle East to overcharge customers.

Oil prices have surged following Iran’s retaliatory strikes, which came after US and Israeli attacks. This has led to an increase in energy costs, significantly impacting home heating oil bills.

During a visit to Northern Ireland, the Prime Minister remarked that “global instability has tangible effects on the everyday lives of people across the UK.”

Tensions with Tehran have disrupted shipping routes through the Strait of Hormuz, a crucial passage for international oil and gas supplies.

On Wednesday, the International Energy Agency announced plans to release 400 million barrels of oil into global markets, with 13.5 million barrels coming from the UK, aiming to mitigate short-term market disruptions.

Prices reached near four-year highs above 100 US dollars a barrel on Monday, before falling on Tuesday as US President Donald Trump signalled the war could soon be over.

Early on Thursday, the price of Brent crude oil – the international benchmark – topped 100 dollars per barrel (£74), while the US crude oil price rose to about 95 dollars (£71) a barrel.