Energy prices 'could stay high into winter'

Household energy prices will continue to be high into the autumn and winter if the Iran crisis continues for another four to six weeks, MPs have been told. Wholesale energy prices have soared since the Iran war began on 28 February. The production and transportation of energy across the Middle East has slowed or stopped due to missile strikes and drone attacks. The most immediate impact has been on the cost of home heating oil which has risen by around 80% in Northern Ireland. David Blevings from the NI Oil Federation told the NI affairs committee that even if the conflict ended immediately it would take time for supply chains to return to normal. "Even if the straits open tomorrow it's going to take four to six weeks for the crude oil to reach refineries. That has to be refined and put into the system." Blevings added: "Information I received yesterday said it we see a resolution before the end of this month we may see a return to relative normality by quarter four". Quarter four would mean the start of October. The Utility Regulator has warned that cuts in gas prices which took effect in April will be reversed if the crisis continues. Higher wholesale higher prices have not yet b