London: Britain's energy regulator announced on Wednesday that household energy bills are set to rise by 13% from July, a consequence of the global surge in gas prices triggered by the ongoing conflict involving Iran, the US, and Israel.

According to Anadolu Agency, the annual bill for a typical household on a variable tariff is expected to increase by approximately £221 ($300), bringing average annual costs to around £1,862 ($2,500), as reported by Ofgem. This hike is attributed to significant disruptions in global energy markets, particularly affecting shipments through the Strait of Hormuz, a vital corridor for oil and gas exports, during the conflict.

Energy suppliers have cautioned that prices may climb further later this year if the instability persists. The new price cap, which sets limits on rates charged to customers on default tariffs, will impact millions of households across England, Scotland, and Wales. However, those on fixed tariffs will not be immediately affected by the changes.

Energy Secretary Ed Miliband expressed that the increase is 'deeply unwelcome' and mentioned that the government is contemplating additional support measures for vulnerable households as winter approaches.