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Story summary
- Bank of England Governor Andrew Bailey warned that UK energy prices could rise as the Strait of Hormuz stays closed.
- He told MPs the closure limits oil flow, though some shipments still pass.
- The blockage affects about 20% of global oil shipments and LNG exports.
- Emergency oil stock releases will run until roughly November.
- The UK price cap rises 4% on October 1, adding £60 yearly to average bills now £1,723.
