UK Prime Minister Keir Starmer Warns Energy Firms Against Profiteering as Heating Oil Prices Rise

March 12, 2026

British Prime Minister Keir Starmer has warned energy companies not to exploit the recent surge in heating oil prices triggered by the escalating conflict in the Middle East. He said the government is prepared to intervene if businesses try to take unfair advantage of the situation.

Energy prices have increased after Iran launched retaliatory strikes following attacks by the United States and Israel, raising concerns over possible disruptions to global oil supplies.

Impact on UK Households

The rise in global oil prices has started to affect households across the United Kingdom, with heating oil costs climbing and putting additional financial pressure on families. Officials fear that continued instability in the region could lead to further increases in energy bills.

Speaking ahead of his visit to Northern Ireland on Thursday, Starmer acknowledged that international conflicts often have direct consequences for ordinary people at home.

Government Warns Companies

Starmer made it clear that the government will not tolerate companies taking advantage of the situation.

“Let me be clear, we will not tolerate profiteering or unfair practices,” he said.

Possible Regulatory Action

The prime minister added that if businesses are found overcharging customers or exploiting the crisis, the government will take action. This could include stricter regulations to ensure consumers are protected.

The warning comes as authorities continue to monitor the energy market closely amid fears that the ongoing Middle East tensions could push fuel prices even higher in the coming weeks.