UK’s Ofgem says energy price cap will rise by 13 percent from July

UK’s Ofgem says energy price cap will rise by 13 percent from July The UK’s Ofgem has announced a 13 percent increase of the energy price cap as a result of higher wholesale prices caused by the closure of the Strait of Hormuz. This will cover the period from the start of July to the end of September, and will see the average household energy bills rising by £18 per month. This comes as the Dallas Federal Reserve president Lorie Logan warned on Wednesday that the world may need to find a way to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.