Keir Starmer: Trump and Putin blamed for UK energy cost surge

British Prime Minister Keir Starmer said rising energy bills reflect the impact of external actors and geopolitical shocks, arguing that the policies and actions of leaders such as Trump and Putin have contributed to higher costs for consumers. His remarks underline the government's need to act on energy security and household support measures.

The situation developed as the conflict involving Iran and strikes in the region led to a severe disruption of shipping through the Strait of Hormuz; observers described an effective closure that dramatically curtailed transits and choked off a substantial share of seaborne oil flows. That interruption added a geopolitical risk premium to crude markets and triggered sharp price moves, while some governments responded with temporary strategic reserve releases.

Markets reacted quickly: Brent and other benchmarks climbed as traders priced in a tighter supply backdrop and higher near-term risk. The volatility passed through to wholesale and retail energy costs, placing renewed pressure on households and businesses already coping with cost-of-living challenges. UK ministers have signalled contingency measures to shield vulnerable consumers while monitoring price-cap settings and fiscal implications.

In a broader context, the disruption highlighted how chokepoints such as the Strait of Hormuz can transmit regional conflicts into global energy and economic stress, affecting not only crude but also LNG and refined product flows. European leaders and international organisations have urged steps to reopen and secure the waterway to avert a deeper energy crisis.

Analysts expect continued volatility in energy markets in the near term and caution that only a durable de‑escalation in the Gulf will remove most of the geopolitical premium from prices. Short-term policy tools — strategic releases, targeted household support — may dampen the shock, but many experts recommend accelerating measures to increase domestic energy resilience and diversify supply sources to protect consumers over the medium term. Historical examples show that ceasefire or temporary deals can produce abrupt price falls, but structural adjustments are needed for lasting stability.