British Gas CEO Predicts £332 Increase in Energy Bills if Oil Prices Remain High

AI Summary

Centrica's CEO Chris O'Shea stated that household energy bills in England, Scotland, and Wales could rise by an average of £332 starting in July if oil prices stay elevated. This forecast follows a £117 decrease from April due to the energy price cap. Since the onset of the US-Israel conflict with Iran, crude oil prices have risen 45%, reaching $106 per barrel, with 20% of global oil supply typically passing through the Strait of Hormuz, which is currently impacted by the conflict. O'Shea emphasized that the loss of gas supply has been minimal, affecting only 3-4% globally, leading to a comparatively smaller impact on electricity bills.