UK Signals Backing for Release of Global Oil Reserves

(MENAFN) The United Kingdom is prepared to endorse the discharge of international oil reserves in response to the Iranian war, Chancellor of the Exchequer Rachel Reeves stated on Monday.

Addressing legislators in the House of Commons, Reeves mentioned that she had previously consulted with finance ministers from the G7 coalition of major economies regarding the ongoing situation.

She affirmed that the UK would support initiatives by the International Energy Agency to unlock emergency oil supplies if circumstances require it.

Reeves cautioned that the unrest in the Middle East could drive energy prices higher in the UK, telling lawmakers that the crisis is expected to create “upward pressure on inflation.”

While emphasizing the measures already implemented by the government to alleviate fuel expenses since taking office, Reeves did not introduce any new policy initiatives.

Her remarks also included a stern warning to petrol station operators against exploiting the turmoil by inflating prices unfairly.

Additionally, Reeves noted that the government is reviewing ways to assist households dependent on heating oil.

She further confirmed supplementary financial backing for UK military efforts in the region.

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