ON
← Back to feed
Energy prices could soar even higher, Bank of England boss admits in cost of living warning
United Kingdom🏛️ PoliticsLean Conservative9/8/2026

Energy prices could soar even higher, Bank of England boss admits in cost of living warning

The Bank of England's governor, Andrew Bailey, warned that energy prices in the UK could rise even further due to ongoing disruptions in the Strait of Hormuz and other geopolitical tensions. This follows the closure of the strategic waterway after US-Israeli strikes on Iran in late February, which has affected 20% of global oil shipments and caused significant shocks to global energy markets. The situation has contributed to rising energy costs, impacting UK utility bills, fuel prices, and food costs. In addition, heatwaves in Europe have increased gas demand for power generation, adding further strain. From October, the energy price cap set by the regulator Ofgem will increase by 4%, raising annual bills for the average household by £60. The price cap, introduced in 2019, limits the maximum price energy suppliers can charge for electricity and gas.

Four commodity vessels transited the Strait of Hormuz on Tuesday, according to preliminary shipping data released by Kpler on Wednesday. The figure marks a decline from the previous day’s count of ten vessels, and continues to fall below the 10-day average of approximately 13 crossings per day. The four ships that passed through the critical waterway included one very large crude carrier, one Panamax tanker, one Kamsarmax carrier, and one intermediate tanker. These numbers are likely to shift as some vessels disable their automatic identification systems to avoid detection during transit. The reduction in traffic reflects ongoing concerns over security in the region. On Monday, Kpler's tracking indicated five vessels transited the strait, with four entering and one exiting. One of the incoming ships was an empty handy-sized gas tanker that approached via the Iranian side, while the other three were loaded dry bulk carriers. This pattern suggests continued movement of goods despite heightened tensions, though the exact volume remains uncertain due to the practice of some vessels switching off their transponders. Over the weekend, the number of commodity vessels passing through the Strait of Hormuz fell further, reaching five per day. The data, again sourced from Kpler, highlights the persistent uncertainty surrounding the flow of maritime traffic. Some ships reportedly turn off their automatic identification systems to minimize exposure, a measure believed to be taken in response to potential threats. This behavior complicates efforts to accurately gauge the daily volume of commercial activity through the narrow passage. The Strait of Hormuz, located between the Persian Gulf and the Arabian Sea, serves as a vital artery for global oil trade. Its strategic importance means that disruptions in traffic can have far-reaching economic implications. The recent drop in vessel counts underscores the growing influence of regional instability on international commerce. While the exact impact on supply chains remains difficult to quantify, the trend indicates a noticeable slowdown compared to pre-conflict levels. Security analysts suggest that the reduced traffic could be attributed to both operational decisions and external pressures. Some shipping companies may be altering routes or reducing schedules to mitigate risks associated with the conflict. Others might be implementing more cautious navigation practices, such as avoiding certain areas or increasing surveillance measures. These adjustments reflect a broader shift in how the industry approaches safety amid escalating geopolitical tensions. The situation remains fluid, with the potential for further changes in the coming days. As long as vessels continue to adjust their visibility settings or alter their routes, accurate tracking will remain challenging. The data provided by Kpler offers a snapshot of current conditions but does not capture the full picture. Industry observers are closely monitoring developments, anticipating possible fluctuations based on evolving circumstances. For now, the numbers remain a key indicator of the ongoing challenges facing maritime operations in the region.

How this report was made. Objective News wrote this report from 2 source articles, using AI-assisted synthesis under our methodology. It is our own text, not a copy of any single outlet. Read our methodology.

Responsible editor: Matej BašaSpotted an error? Report it

3 reports

Middle East Eye logoMiddle East EyeIndependentConservativeFactual 80Objective 709/2/2026
Saudi Arabia accuses Iran of attacking Saudi tanker in Strait of Hormuz

Saudi Arabia has accused Iran of attacking a Saudi-owned tanker, Sder, in the Strait of Hormuz, which resulted in fatalities among the crew. The Saudi Ministry of Foreign Affairs issued a statement condemning Iran for targeting the vessel while it was passing through the strategic waterway. This incident adds to the ongoing tensions between the two nations in the region. The attack highlights the fragile security situation in the Gulf, where maritime disputes often escalate into broader geopolitical conflicts. The circumstances surrounding the attack, including the exact nature of the assault and confirmation of casualties, remain unclear at this time.

Bias read (Conservative): The article presents Saudi Arabia's accusation against Iran without providing counter-narratives or independent verification. It uses strong language such as 'targeting' and 'condemnation,' aligning with a pro-Saudi perspective. There is no balanced presentation of Iran's stance or any third-party分析

Why factuality (80): The article correctly reports Saudi Arabia's accusation against Iran and mentions the fatalities. However, it contains a minor error by misspelling the tanker's name as 'Sder' instead of 'Sidr.' It aligns with the overall consensus but lacks some contextual details present in other articles.

Why objectivity (70): The article is generally neutral but includes the phrase 'resulting fatalities among the tanker's crew,' which slightly emphasizes the outcome rather than remaining strictly factual. The tone is professional but shows a slight leaning toward the Saudi perspective due to the framing of the statement.

The Independent logoThe IndependentIndependentCenterFactual 75Objective 659/8/2026
Energy prices could soar even higher, Bank of England boss admits in cost of living warning

The Bank of England's governor, Andrew Bailey, warned that energy prices in the UK could rise even further due to ongoing disruptions in the Strait of Hormuz and other geopolitical tensions. This follows the closure of the strategic waterway after US-Israeli strikes on Iran in late February, which has affected 20% of global oil shipments and caused significant shocks to global energy markets. The situation has contributed to rising energy costs, impacting UK utility bills, fuel prices, and food costs. In addition, heatwaves in Europe have increased gas demand for power generation, adding further strain. From October, the energy price cap set by the regulator Ofgem will increase by 4%, raising annual bills for the average household by £60. The price cap, introduced in 2019, limits the maximum price energy suppliers can charge for electricity and gas.

Bias read (Center): The article presents a balanced account of the situation, citing statements from the Bank of England's governor and providing context on the geopolitical factors affecting energy prices. It includes information on the energy price cap and its implications for households, without showing clear bias.

Why factuality (75): The article accurately reports Andrew Bailey's statements regarding potential increases in energy prices and references the closure of the Strait of Hormuz. However, it lacks specific details about the exact timing of the statements or direct quotes from official sources. The claim about the 'larges

Why objectivity (65): The article uses emotionally charged terms like 'war on Iran' and 'blockade of the critical shipping corridor,' which may introduce bias. It also frames the situation as primarily caused by Trump's policies, potentially oversimplifying the geopolitical complexity.

Middle East Eye logoMiddle East EyeIndependentCenterFactual: no official source document/info detectedObjective 859/6/2026
Hormuz traffic drops to lowest since May

Shipping activity through the Strait of Hormuz has declined significantly, with an average of 10 commodity ships passing through daily over the past 10 days, the lowest level since May 2026. Data from Kpler indicates a sharp drop compared to previous levels, with only two vessels crossing on Saturday and six on Sunday, most utilizing the Iranian route. This decline reflects ongoing disruptions in the region, potentially linked to geopolitical tensions affecting maritime trade.

Bias read (Center): The article presents factual data on shipping traffic without overtly favoring any political stance. It reports on the decline in vessel numbers without attributing specific blame to any party, maintaining neutrality in its framing.

Why factuality: no official source document/info detected

Why objectivity (85): The article presents the facts neutrally but includes a sidebar titled 'War on Iran' which may introduce a potential bias. However, the main body remains factual and avoids overtly opinionated language.

How each side covered it

The same event, grouped by the political lean of the outlets covering it.

How each side covered it

Support independent, bias-aware news and unlock the social pulse, community voting, and every other Supporter feature.

Become a Supporter

Covered around the world

The same event as reported in other countries.

Covered around the world

Support independent, bias-aware news and unlock the social pulse, community voting, and every other Supporter feature.

Become a Supporter

Claims check

Key factual claims, and how many sources assert vs dispute each.

Claims check

Support independent, bias-aware news and unlock the social pulse, community voting, and every other Supporter feature.

Become a Supporter

Keep the news honest.

ObjectiveNews is reader-funded and ad-free — we show you the bias instead of hiding it. Support independent journalism for €4/month.

Become a Supporter

Related stories