Vitality payments are creeping up once more as tensions overseas maintain pushing costs greater.
Martin Lewis has issued a warning about vitality payments going up (Picture: ITVX)
Cash saving professional Martin Lewis has issued a stark warning about rising vitality prices as oil and fuel costs climb amid rising tensions within the Center East. The monetary journalist shared two graphs exhibiting the sharp rise in Brent crude oil and UK pure fuel costs, evaluating present ranges with the peaks seen throughout the Russia–Ukraine Conflict vitality disaster.
Posting on social media, Lewis described the charts as “two miserable graphs” that spotlight how shut oil costs are attending to the degrees reached when Russia’s invasion of Ukraine triggered a world vitality shock.
Two miserable graphs to distinction the place we at the moment are with the battle within the Center East to the height of the Russia Ukraine vitality disaster.
The primary is the value of oil, which drives petrol prices, heating oil prices, and dangers knock on inflationary prices together with to meals because the… pic.twitter.com/fxCBTFt9s9
— Martin Lewis (@MartinSLewis) March 9, 2026
“The primary is the value of oil, which drives petrol prices, heating oil prices, and dangers knock-on inflationary prices together with meals as the price of transporting something will increase,” he mentioned.
“This isn’t too removed from the height of the Russia-Ukraine disaster.”
Oil costs affect a variety of on a regular basis prices together with petrol, logistics and manufacturing, which means sustained will increase can push up inflation throughout the financial system.
Lewis famous that the scenario for fuel is barely completely different, though costs have nonetheless risen sharply because the newest geopolitical tensions started.
Pure fuel is a key driver of electrical energy costs within the UK as a result of gas-fired energy stations set the wholesale worth of a lot of the nation’s electrical energy.
Lewis mentioned fuel costs have roughly doubled because the battle escalated, however stay considerably under the document highs seen throughout the 2022 vitality disaster.
However he added that the scenario may be very completely different for suppliers who promote vitality on to households.
“The alternative for retailers which is why now we have to hope the stress testing Ofgem did works so we don’t see any go bust.”
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