The UK government will announce a £50mn household support package on Monday to help 1mn rural households facing soaring heating oil costs amid global energy market turmoil. Energy Secretary Ed Miliband confirmed the targeted intervention as part of broader efforts to shield consumers from price shocks caused by the Iran war's disruption of Middle East oil supplies.

Miliband warned that household gas bills could surge when regulator Ofgem updates its price cap in July, with the government preparing additional measures depending on the conflict's duration. The package focuses on heating oil users in Northern Ireland, where bills have already skyrocketed. This comes as governments worldwide grapple with economic fallout from US-Israeli strikes on Iran that have curbed Gulf fossil fuel output and fuelled inflation concerns.

The government is also fast-tracking renewable energy initiatives, including approving plug-in solar panels for home use and bringing forward the next subsidy auction to July. Miliband hinted at scrapping a planned 6p fuel duty rise in September if the conflict continues. The package represents a more targeted approach than the £50bn 2022 scheme under Liz Truss, with Chancellor Rachel Reeves emphasizing that any support will depend on gas price trajectories and the war's duration.