A war thousands of miles away could add £460 to British energy bills, and two superpowers are betting on opposite fixes.
What does a closed shipping lane in the Gulf have to do with your kettle? Quite a lot, it turns out. Since US and Israeli strikes on Iran in February effectively shut the Strait of Hormuz, oil and gas prices have soared. By January, forecasts from British Gas, EDF and E.
ON suggest, the typical UK household could pay more than a quarter extra, around £460 a year. Winter makes it worse. Demand for gas is climbing just as Europe's storage tanks sit at their lowest level since records began in 2011. For the second time in four years, a distant war is landing in British inboxes.
Here is the stranger part. Behind the price spike, two giants are placing opposite bets. America is wagering on molecules: pumping record volumes of oil and gas and urging its allies to buy them. China is wagering on electrons: flooding the world with solar panels, batteries and electric cars designed to make those fuels unnecessary.
Everyone else is squeezed in between.