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Energy Markets Update
29 April 2026
Type
Written Ministerial Statement
Department
Department for Energy Security and Net Zero
TAGS
At a Glance
Issue Summary
Michael Shanks is addressing the impact of recent Middle East conflicts on global energy markets and outlining actions taken by the UK to mitigate disruptions.
Action Requested
The statement outlines ongoing international engagement, domestic preparations, financial support measures, and efforts to accelerate clean energy transitions in response to energy market disruptions. It also mentions continuing to monitor impacts and adapt strategies as necessary.
Key Facts
- The UK contributed 14 million barrels of oil to the largest International Energy Agency stock release.
- The energy price cap fell by £117 a year due to recent decisions, with savings locked until June end.
- Over £50 million of support was announced for vulnerable heating oil customers.
- The Chancellor expanded the British Industrial Competitiveness Scheme to cut bills for thousands of energy intensive businesses.
- A 5p fuel duty cut has been extended until September.
- The AA and Fuels Industry UK confirm that production and imports are continuing as usual, with the UK being a net exporter of petrol.
- Since the Strait closure, the UK has worked closely with airlines to monitor jet fuel stocks.
- Airport Coordination Limited updated guidance allowing airlines flexibility in planning flights.
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Assessment & feedback
Summary accuracy