Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what contingency plans his Department has put in place in the event of the closure of the Strait of Hormuz; and if he will make an assessment of the potential impact of a closure on energy security in the UK.
Oil and gas markets are well supplied and functioning normally. Though they have responded to events in the Middle East, prices remain within the bounds we have seen over the last year. We have not witnessed any material reduction of traffic passing through the Strait of Hormuz. DESNZ will continue monitoring closely for any future impacts.
The UK holds oil stocks that can be released onto the global market collectively with releases by other International Energy Agency member countries in the event of a global oil supply disruption.
The Government's Clean Energy Superpower Mission, supported by the largest investment in home-grown clean energy in British history, will enhance energy security by boosting our energy independence, protecting billpayers, and reducing exposure to global supply shocks.