Rising energy prices hit US and UK households amid US-Israeli attacks on Iran

The UK energy price cap is set to rise by more than 20 percent as a result of the US and Israel's war on Iran, according to the latest forecast from energy analysts at Cornwall Insight.

This means energy bills could jump by £330 ($445) a year for UK households.

Meanwhile, surging gas prices are already starting to bite US household finances, a new Reuters/Ipsos poll shows. 

Fifty-five percent of respondents to the poll taken from Tuesday to Thursday reported that their finances were at least “somewhat” affected by rises in gas prices, with 21 percent of those saying their finances had been affected “a great deal”. 

The average price of gasoline in America has increased by nearly a dollar per gallon since US-Israeli attacks on Iran began on 28 February.

Trump’s approval rating for his handling of the cost-of-living crisis has fallen to 29 percent from 35 percent at the start of his administration.

European gas prices have also surged to more than double since the beginning of the war on Iran, and are expected to increase further as global gas supply continues to face disruption.