North Sea oil price surges to record $147 as Reform UK pushes drilling amid Strait of Hormuz disruption

TRENDING Stories Videos Your Say President Donald Trump said: Oil will very quickly begin flowing again, but added that Tehran was doing a very poor job of allowing vessels through the strait.Reform UK has responded to the market turmoil by calling for increased domestic oil and gas production.At a press conference in Aberdeen on Wednesday, the party’s energy spokesman Richard Tice urged ministers to approve outstanding North Sea extraction consents, including the Rosebank and Jackdaw fields.Mr Tice said: With everything that's going on in the world at the moment, has there ever been a more important time to understand the importance of having our own secure supply of energy.The Jackdaw project remains unresolved following a 2024 Supreme Court ruling requiring emissions from burned fuels to be considered in planning decisions.Environmental campaigners later secured a Court of Session ruling in Edinburgh in January against both the Jackdaw and Rosebank developments.Since the ceasefire announcement on Tuesday, only a limited number of vessels, mainly linked to Iran, have passed through the Strait of Hormuz.LATEST DEVELOPMENTSBritish Gas issues major energy bills update to customers after Middle East ceasefire confirmedHuge solar farm given go-ahead after locals fume it will 'industrialise vast rural landscape'Octopus Energy, British Gas and EDF customers risk £24 extra on their monthly energy billsGoldman Sachs said exports through the route have fallen to just eight per cent of normal levels.Asia is particularly exposed, with around 80 per cent of its oil supplies passing through the strait.Saudi Arabia has added to supply concerns after confirming that attacks on its energy infrastructure reduced output capacity by 600,000 barrels per day.Damage to the Khurais and Manifa fields has removed roughly five per cent of the country’s usual production.Dennis Kissler, senior vice-president at BOK Financial, said: It will take 20 days to correct the logistical problems even when the strait opens.Mr Tice also outlined what he described as a critical four-point plan to strengthen the UK’s energy position.This includes scrapping the Energy Profits Levy and renaming the North Sea Transition Authority back to the Oil and Gas Authority.He said Norway drilled 49 new wells last year while Britain drilled none, adding that the gap was frankly a humiliation.Mr Tice also called for the introduction of onshore fracking to maximise domestic resource extraction.However, Robert Palmer, deputy director of campaign group Uplift, rejected the proposals.Mr Palmer said: New drilling will do nothing to improve the UK's energy security, adding that much of the UK’s remaining North Sea oil is exported rather than used domestically. Our Standards: The GB News Editorial Charter