Leigh Greer, head of market regulation at the Utility Regulator said it would continue to monitor the regulated tariffs to make sure any further falls in costs are passed through to customers.
Cronin said: "Jet fuel has doubled in price since the conflict and most of the reason why is because Europe last year depended on about 40% of jet fuel coming from the Middle East."
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“This scenario doesn’t necessarily mean that we see a full end to the conflict in this time period,” he said. “But if US and Israeli strikes degrade Iran’s ability to attack vessels and enforce a closure of the Strait of Hormuz, we could see flows starting to normalize.”