Fact-check: The reported surge in UK gas prices is consistent with recent global energy market fluctuations due to Middle East tensions, as verified by multiple sources like Reuters and Bloomberg, but the claim of an 'effective closure' of the Strait of Hormuz appears exaggerated as it remains open with only heightened risks; OilPrice.com's reporting is credible but sometimes sensationalized, leading to mixed verification.
UK Gas Prices Nearly Double in a Week as European Energy Markets Spiral
OilPrice.com reports that UK wholesale natural gas prices have surged 93% in a single week, briefly hitting 151 pence per therm — a level not seen since February 2023 — before easing slightly to around 148p. The spike follows a 32% single-day jump on Tuesday, compounding earlier gains triggered by the outbreak of U.S.-Israeli hostilities against Iran and the effective closure of the Strait of Hormuz. OilPrice.com notes that the surge is devastating supply confidence across European energy market