The UK Chancellor Rachel Reeves has stated that all options are being considered to assist consumers struggling with energy costs, including potentially abandoning a planned fuel duty increase set for September. During a discussion with the Treasury select committee, she emphasized that emergency measures were still under review, underscoring the uncertainty surrounding the energy market influenced by the ongoing Iran conflict. Reeves remarked, 'nothing is off the table' as she evaluates solutions to this pressing issue.

Amid the US-Israel tensions and the effects on energy markets, Reeves noted the importance of stabilizing these volatile conditions, highlighting the government's priority of de-escalating the conflict while ensuring the continued flow of oil and gas supplies through the Strait of Hormuz. This passage is critical for British energy security, and the Chancellor acknowledged Britain's readiness to collaborate with other member countries of the International Energy Agency to manage strategic oil reserves effectively. This collaborative approach aims to mitigate the soaring crude oil prices that have resulted from the geopolitical unrest.

Reeves also mentioned that while the government is considering targeted support, it remains vigilant about the developments in energy markets, suggesting that contingency plans are being put in place in case an emergency response becomes necessary. The potential policy adjustments indicate the government's proactive stance in addressing the energy crisis and the broader implications of international conflicts on domestic economic conditions, demonstrating the intricate connection between global events and national energy strategy.