Middle East conflict boosts natural gas prices, UK increases cap on household energy prices.

The UK energy market regulatory authority, the Gas and Electricity Markets Authority, announced on the 27th that, due to the impact of rising wholesale gas prices due to the conflict in the Middle East, the energy price cap for UK residents will be raised by 13% from July 1 to September 30 this year. The energy price cap applies to users who have not signed fixed-price contracts and who use standard variable rates, limiting the maximum unit price and fixed costs that energy suppliers can charge users. This does not mean that all household bills will be the same, as actual expenses still depend on the specific usage.