19th March 2026 – (London) Wholesale gas prices in the UK have surged to their highest level in more than three years, as escalating conflict in the Middle East disrupts global energy supply chains and unsettles markets.
Prices climbed to 171.34 pence per therm — the highest point since January 2023 — marking an increase of roughly 140 per cent from 71.13 pence per therm recorded on 28 February, when hostilities involving Iran intensified. The sharp rise underscores the UK’s continued vulnerability to international energy shocks.
The surge follows missile strikes that ignited sections of Qatar’s Ras Laffan liquefied natural gas (LNG) complex, one of the world’s most significant gas export hubs. Damage to infrastructure at the site has heightened concerns over supply stability, particularly for countries reliant on Qatari exports.
The UK remains heavily dependent on imported gas, including shipments from the Middle East, leaving households and businesses exposed to fluctuations in wholesale markets.
Across Europe, governments are grappling with the fallout. While EU leaders have sought to distance themselves from direct involvement in the conflict, they are confronting the economic consequences of rising energy costs. In Brussels, policymakers are weighing potential adjustments to carbon taxation as a means of easing pressure on consumers.
Countries such as Poland and Italy have advocated for a reduction in carbon levies to offset soaring fuel prices. However, others — including Germany and Spain, which have made substantial investments in renewable energy — have resisted calls for change.
With divisions emerging over how best to respond, the mounting energy crisis is expected to dominate discussions among European officials in the weeks ahead.