UK announces £53m support for families following…

The UK Government has announced a £53m support package to help vulnerable families cope with rising heating oil costs following a surge in global energy prices.

The increase is linked to current tensions in the Middle East.

Prime Minister Keir Starmer said the funding would mainly target low-income families in rural areas, where heating oil is widely used.

Unlike gas and electricity prices, which are regulated by the Office for Gas and Electricity Markets (Ofgem) through an energy price cap, heating oil is treated as a market commodity and its price fluctuates with global oil markets.

Oil prices rose sharply on Monday on fears that escalating conflict in the Middle East could disrupt global energy supplies.

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International benchmark Brent crude rose to $105.61 a barrel in early Asian trade, while U.S. benchmark West Texas Intermediate reached $101.52.

Brent crude prices have risen more than 40% since the joint US-Israeli attacks on Iran began on February 28.

The issue is particularly significant in Northern Ireland, where around 500,000 homes rely on heating oil, equivalent to two-thirds of households.

Smaller proportions of homes in England, Wales and Scotland also rely on oil as their main source of central heating.

(Xinhua/NAN)

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