- Greg Jackson, CEO of Octopus Energy, has outlined potential energy impacts if the Strait of Hormuz remains closed due to the Iran war.
- Jackson warned that if the Strait does not reopen by the end of May, the situation could worsen, becoming 'even more serious' if it extends beyond August.
- The closure of the Strait of Hormuz, a critical shipping lane for a fifth of global oil and gas, has already led to soaring oil prices.
- The UK government has escalated its contingency planning to address potential energy shortages and supply chain disruptions.
- A ministerial group, chaired by Darren Jones, chief secretary to the prime minister, is meeting twice weekly to monitor stock levels and plan responses.
IN FULL