Energy Squeeze Deepens: Price Cap Hits 3-Year High as Borrowing Costs Soar and Budget Looms

• Energy Price Cap: £1,723/year from October — highest in 3 years
• FTSE 100: Flat by close after oil majors dragged index lower
• Brent Crude: Fell to $86/barrel, extending weekly losses
• 30-Year Gilt Yield: Near highest since 1998

The Checkup

Ofgem dropped a 4% price cap increase to £1,723 per year for 22 million households on default tariffs — the highest level in three years. The hike, driven by the Iran war's impact on wholesale energy costs,...