Member

Let me update the House on the situation in global oil and gas markets and the impact on the UK. In the days since the conflict began, we have seen Iran target energy production and export infrastructure across the Gulf. Traffic in the Strait of Hormuz, through which around 20% of global oil and liquefied natural gas is shipped, has declined very significantly, and the Iranian regime has issued reckless and unjustified threats to all ships using it. LNG production has also been halted in Qatar, following unjustified and indiscriminate Iranian attacks at the start of the week.