Britain has just two days' worth of natural gas in storage, sparking fears of a shortage crisis as the Middle East conflict shut down the world's largest gas facility and Iran closed a key shipping channel. There is a similar quantity stored as liquefied natural gas (LNG). Meanwhile, oil prices are set to soon hit $100 a barrel and that could rise to $150 if the war drags on, industry experts warned. 'The UK gas hub price is now above the Dutch TTF [the main European gas hub] all the way from now until the end of May. Meanwhile, fears of a significant spike in oil prices are also growing, driven largely by disruption to the flow through the Strait of Hormuz.

Source: Daily Mail March 09, 2026 12:08 UTC