The government has been urged to take quick action to help the 1.7 million homes that still use heating oil and have seen prices double due to the US attacks on Iran.

These are often people in rural areas, who have seen prices for their fuel jump in some cases from 62p a litre before the war to perhaps £1.73 now.

Suppliers have been accused of delivering supplies without a price being quoted, leaving consumers in for a nasty shock when the bill arrives.

Conservative net zero minister Clare Coutinho wants the Competition and Markets Authority (CMA) to probe the suppliers and order them to be fairer to consumers.

Speaking on the BBC Today programme this morning, Ms Coutinho said: “Heating oil is being delivered without a price being quoted. We have called on the CMA to investigate these practices. We want more transparency and fair practices for consumers.”

Chancellor Rachel Reeves says she has asked the CMA to be “vigilant”, but Ms Coutinho accused the government of being “slow off the mark”.

“I hope this is something we can work on together. It is people who are vulnerable and in rural communities who have no other choice,” she added.

All energy costs are rising as fears grow of a supply squeeze. But heating oil seems to be the energy supply that is being most badly hit. There are about 120 heating oil suppliers, much smaller firms than the large energy conglomerates that supply electricity and gas to most of the population.

Emma Simpson, chief executive of Rural Action Derbyshire, a charity that runs an oil-buying scheme, said: “People who rely on heating oil are facing a sudden and frightening surge in cost. We may be heading into spring, but anyone running low on oil right now doesn’t have the luxury of waiting for prices to fall.”

She added: “For some, the decision to order or not will come down to whether they can realistically afford it, and that is a really hard position to be in.”

There were wild swings in both the oil and equity markets on Monday. But on Tuesday, oil prices fell sharply and stock markets bounced back as US president Donald Trump said the US-Israel war with Iran could be over soon.

The price of Brent crude was more than 8 per cent lower at just under $91 dollars a barrel, retreating from near-four year highs above $100 a barrel in volatile trading on Monday.

Markets responded by recovering some of the recent ground lost in the sell-off, with the FTSE 100 Index up 1.6% soon after opening, up 165.3 at 10,414.8.

Lindsay James, investment strategist at Quilter, said: “Markets are attempting to stabilise after an extraordinary round trip in oil prices that saw prices collapse from an intraday high of nearly $120 a barrel back towards the low $90s, helped in part by President Trump signalling that the war with Iran could be ‘very complete, pretty much’.

“Equities in the US responded in turn with modest gains while Treasury yields reversed, ending the day fractionally lower.”

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Global equity markets are still taking their cues from oil this morning – but the tone has notably improved after yesterday’s wild swings.

“What initially looked like a one-way surge in energy costs and the inflation headaches that come with it has started to stabilise, offering some much-needed breathing room.”

SYDNEY: Global airlines have begun increasing ticket prices as jet fuel costs surge following the escalating conflict in the Middle East, with carriers warning that further fare hikes may follow if oil prices remain high.

Air New Zealand confirmed it has raised fares across its network, becoming one of the first airlines to introduce broad price increases since the war between the United States, Israel and Iran began.

Fuel Prices Driving Fare Hikes

Airlines say jet fuel prices, previously around $85–$90 per barrel, have surged to between $150 and $200 per barrel in recent days.

Due to rising costs, Air New Zealand announced the following increases:

NZ$10 increase on domestic flights

NZ$20 increase on short-haul international routes

NZ$90 increase on long-haul flights

The airline also said it has suspended its financial outlook for 2026 because of uncertainty surrounding the ongoing conflict.

Airlines Warn of Further Increases

The carrier warned that if the conflict continues and fuel prices remain elevated, additional pricing adjustments and schedule changes may become necessary.

Other airlines are also feeling the pressure. Vietnam Airlines has requested the government remove environmental taxes on jet fuel as operating costs have reportedly risen by 60% to 70%.

Airline Shares Stabilise

Airline stocks, which initially fell sharply due to the crisis, showed signs of stabilising after Donald Trump suggested the conflict could end soon.

Following the comments:

Air New Zealand shares rose 2%

Korean Air gained 8%

Qantas increased 1.5%

Cathay Pacific climbed more than 4%

Travel Industry Faces Pressure

Fuel typically represents 20% to 25% of airline operating costs, making it the second-largest expense after labour.

Higher oil prices and airspace closures in the Middle East are already forcing airlines to reroute flights, increasing travel times and ticket prices on some routes.

Tourism industries are also feeling the impact. Thailand’s tourism ministry warned that if the conflict lasts more than eight weeks, the country could lose nearly 600,000 tourists and $1.29 billion in tourism revenue.

Experts say prolonged instability in the region could significantly affect global travel demand and airline profitability.

The Nifty50 and the Sensex rebounded from a two-day slump, tracking gains in global equities as Brent crude price eased after US President Donald Trump signaled an end to war. As of 9:17 AM, the Nifty50 was trading 0.58 per cent or 143.35 points higher at 24,167.40, and the Sensex was trading 0.62 per cent or 491.68 points higher at 78,030.20.

Global Cues

South Korea’s Kospi jumped over 6 per cent to lead the recovery rally in the region, and Japan’s Nikkei 225 rose over 5 per cent.

Meanwhile, US stock futures declined after the US President Donald Trump signalled that the war with Iran may come to an end soon. He also warned that Iran would be hit 20 times harder if the country blocks oil supply from the Strait of Hormuz.

The Dow Jones Industrial Average and S&P 500 futures were trading 0.22 per cent and 0.25 per cent down, respectively.

Overnight, the Dow Jones Industrial Average and S&P 500 indices ended 0.5 per cent and 0.83 per cent higher, respectively.

Brent crude prices declined 11 per cent to $88.05 per barrel on Tuesday so far following Trump’s remarks. It was trading 10.37 per cent down at $88.70 per barrel as of 7:20 AM, according to data on Bloomberg.

Gold and silver futures rose on Tuesday as the dollar index declined on hopes for easing US-Iran tensions in the near future. Gold and Silver futures were trading 1.55 per cent and 6.06 per cent higher, respectively.