Household energy bills could rise by £344 within months

Chancellor Rachel Reeves has asked Treasury officials to explore support for about 1.5 million homes that rely on heating oil after a recent spike in oil prices; a Wall Street bank warned average household bills could rise by roughly £344 from July.

The UK is facing pressure on household energy costs after a sharp rise in global oil prices linked to recent conflict in the Middle East. The Chancellor, Rachel Reeves, has asked Treasury officials to examine a support package for households that use heating oil. Heating oil prices have reportedly doubled in the past week, and some analysts say that could push up annual bills. Key facts: - The Chancellor has tasked Treasury officials with exploring a support package for about 1.5 million households that rely on heating oil, the article reports. - Heating oil prices rose sharply in recent days, with the piece saying costs doubled over the past week amid Middle East supply concerns. - A Wall Street bank (Citi) warned the Ofgem price cap could result in average household bills rising by around £344 from July. - The Chancellor told MPs that the Ofgem price cap for April will not change, and she has participated in international finance discussions on energy markets. Summary: Rising oil prices are increasing pressure on household energy costs and have prompted government work on possible support for oil-heated homes. Further decisions on any support package and international measures are undetermined at this time.