Britons face ‘risk premium’ for energy as US-Israel war on Iran intensifies

London, United Kingdom – Andrew, a 70-year-old retiree from the eastern English city of Norwich, had enrolled months ago in a fixed-rate energy plan for 18 months, learning from earlier price shocks caused by wars.“I guess I saw this coming,” he told Al Jazeera.Recommended Stories list of 4 itemslist 1 of 4How has life changed for Iranians six months into the war?list 2 of 4Who are the economic winners and losers of the US-Israel war on Iran?list 3 of 4Petrol prices strain US households as oil giants Chevron, Exxon profits soarlist 4 of 4Inside the UK’s ‘stressful’ cost of living crisis Burnham hopes to tackleend of listDays ago, Ofgem, the energy regulator for England, Scotland and Wales, announced a 4 percent increase of the energy price cap from October 1, 2026, a result of the sharp rise in wholesale gas prices due to the United States-Israel war on Iran.“The situation doesn’t look any clearer … the fog of war is still there, and who knows when it will blow away,” said Andrew, who requested that his surname be withheld for privacy.The end of his fixed-rate plan is not something he likes to think about.Andrew, 70, is among the third of Britons locked into a deal whereby his bill...