Hello and welcome back to our weekly climate newsletter.
Donald Trump's war with Iran continues to push up global oil and gas prices, sparking fears that the conflict could "bring down the global economy" as Iran sets fire to ships near the Strait of Hormuz and warns the world to prepare for oil prices of $200 a barrel – more than double the current inflated rate.
The oil crisis is set to hit households hard, with higher energy bills, rising fuel costs, and broader economic pressures likely across the UK and worldwide. It's not just oil – natural gas prices in Europe have surged by 40 per cent after an Iranian drone struck Qatar's largest liquefied natural gas plant, halting supplies from one of the world's top producers.
As the conflict continues, jets are targeting oil facilities, sending enormous, polluting fireballs into the sky. Experts warn the impacts could last far longer than the immediate crisis.
Meanwhile, strikes have also hit desalination plants – the only source of drinking water for many in one of the world's driest regions. Analysts fear that if water becomes a weapon of war, it could pose an existential threat to entire populations.
This dependence on fossil fuels leaves households especially vulnerable when international markets turn volatile. According to data published by National Gas, analysts warn that annual household bills could rise by up to £500 if the conflict continues.
My colleague Harry Cockburn explains why prices are still set to rise even though the majority of the UK's electricity comes from renewables in this excellent piece.
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