Energy firms in the Channel Islands say they are keeping the price of fuel under “constant scrutiny” after it rose amid the Middle East conflict.
Iran warned vessels not to use the Strait of Hormuz, a crucial waterway through which 20% of the world’s oil and gas is transported after the US and Israel launched airstrikes on the country.
A spokesperson from Islands Energy Group said the spot commodity price for gas had been “very volatile and has risen significantly” since the start of the conflict.
The company is keeping the situation under review and said it will “reluctantly” have to look at its pricing structure if “the recent dramatic rise in gas prices is maintained for any length of time”.
