---
title: "Energy price cap set to jump as oil and gas shock feeds through"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-03-20T10:20:32+00:00"
modified: "2026-03-20T10:28:27+00:00"
date: 2026-03-20
canonical: "https://www.share-talk.com/energy-price-cap-set-to-jump-as-oil-and-gas-shock-feeds-through/"
category: "Blogs"
categories: ["Blogs", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["Cornwall Insight", "energy bills", "gas", "household", "Moneyfacts", "mortgage costs", "mortgage rate", "oil", "social tariff", "UK"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/d05267c7-312d-4607-93b2-c72d9474a67d.webp?fit=1536%2C1024&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Energy price cap set to jump as oil and gas shock feeds through

**Published:** March 20, 2026
**Author:** sharetalk
**Categories:** Blogs, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** Cornwall Insight, energy bills, gas, household, Moneyfacts, mortgage costs, mortgage rate, oil, social tariff, UK
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/d05267c7-312d-4607-93b2-c72d9474a67d.webp?fit=1536%2C1024&quality=80&ssl=1)

---

Energy bills set to jump by £332 from July

UK energy bills are expected to rise sharply this summer as higher oil and gas prices feed through into household costs.

The Ofgem price cap is forecast to increase from **£1,641 between April and June to £1,973 from July**, according to consultancy **Cornwall Insight**—a jump of **£332 a year**.

The firm, which accurately predicted the last price cap change, has been **raising its forecasts in recent weeks** as the Middle East conflict continues to push up energy prices.

Just last week, it had expected a smaller increase of **£186**, highlighting how quickly the outlook has worsened.

The outlook is likely to intensify calls for the government to introduce a **targeted “social tariff”** to support lower-income households, particularly as concerns grow over the impact of the ongoing Middle East conflict on energy markets.

### Energy shock pushing up mortgage costs

Rising energy prices are now feeding through into the mortgage market, with borrowing costs climbing despite the Bank of England holding rates at **3.75%**.

According to Moneyfacts, the average **two-year fixed mortgage rate** has risen from **4.83% at the start of March to 5.35%**, adding roughly **£900 a year** to the cost of borrowing £250,000 over 25 years.

**Five-year fixes** have also moved higher, increasing from **4.95% to 5.39%**, the highest level since July 2024, adding around **£775 annually** to repayments on the same loan size.

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