Plans to ban or curb Russian oil and gas imports will further hit UK living standards, analysts say.
He said he expected prices to remain high as long as the conflict continued, although a deal to unlock supply from Iran or Venezuela - both of which face their own oil sanctions - could ease the pressure.
But the war has added to this pressure, driving up the cost of not just fuel and energy but also other commodities like wheat and metals.Nathan Piper, an oil and gas analyst at Investec, said the EU's decision on Tuesday to reduce its reliance on Russian gas was also likely to hit the UK. "You can't just cut the second largest gas producer and third largest oil producer out of global supply and not expect it to have big impact on consumers," he added.
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