"Energy bills could still see a substantial rise in the summer despite the ceasefire deal between the United States and Iran, experts have warned. The two countries agreed to the eleventh-hour proposal overnight, announcing a deal less than two hours before president Donald Trump's deadline for Tehran to reopen the Strait of Hormuz."
"Following the announcement of the deal, oil fell to 14 per cent to $93.93 a barrel, while natural gas dropped 17 per cent to 111.26p per therm. But the threatened spike in energy costs may still be present, UK households have been warned, despite the conditional re-opening of the Strait of Hormuz."
"Dr Craig Lowrey, principal consultant at the respected Cornwall Insight, said: A ceasefire can ease some of the immediate pressure on gas markets, and that could take the edge off price cap forecasts for July, but it does."
The Independent covers significant issues like reproductive rights, climate change, and Big Tech, emphasizing the importance of on-the-ground reporting. Donations support journalists who provide balanced perspectives. Recent developments include a ceasefire deal between the US and Iran, which may impact energy prices. Experts warn that despite the deal, energy bills could still rise significantly in the summer. The closure of the Strait of Hormuz previously caused a spike in oil and natural gas prices, affecting global economies.
Read at www.independent.co.uk
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