UP IN FLAMES

Gas prices rocket after Qatar field blast

- GRAHAM HISCOTT and ASHLEY COWBURN

HOUSEHOLDS were warned they face hikes in energy bills and interest rates after tit-for-tat airstrikes turned gas fields in the Gulf into raging infernos.

Experts said Donald Trump's war on Iran was "spiralling out of control" as European wholesale gas prices rocketed 35% after the attacks.

Tehran struck neighbouring Qatar's Ras Laffan plant - the world's largest liquefied natural gas export hub - in retaliation for Israel's attacks on its South Pars gas field.

The US President responded by threatening to "massively blow up" the major Iranian gas field if the regime carries out further attacks.

The resulting surge in wholesale gas prices, coupled with a leap in oil to $119 a barrel, risks driving up bills for millions of UK households.

Estimates for the scale of the rise in energy bills vary, depending on how long the crisis continues.

Think-tank the Resolution Foundation reckons households could face a £500 surge, while energy giant EDF says bills will be up to £300 higher for at least the next year.