But speaking over the weekend the Chancellor said she would give support "to those who really need it", with a package of help for people who rely on heating oil. Currently heating oil is not covered by the energy price cap which sets out regulated price caps.

The cap is currently fixed until June, but if the war engulfing the Middle East continues beyond then households could be slammed with massive bill hikes. About 1.5 million households, mostly in rural areas, rely on heating oil and are already facing soaring costs, with the price per litre doubling since the start of the crisis.

In an interview with The Times, Ms Reeves indicated a subsidy package would be set out next week: "I have found the money and we’ve worked through with MPs and others a response for people who are not protected by the energy price cap.

"We’re giving greater support to those who really need it."

But critics have suggested that there are better ways to tackle rising energy costs - such as opening new drilling sites in the North Sea or taking more proactive measures to unblock the Strait of Hormuz.

Traffic through the Strait has ground to halt a since the outbreak of the war, strangling the world's oil supply.

Iran has sparked concern that it has started to place explosive mines in the narrow sea passage, and several tankers have been fired at passing through the area.

Minehunting drones are one of the options the UK is said to be thinking about sending to the strait to unblock Iran’s stranglehold.

US President Donald Trump has called on the government to send ships to the region, which shadow energy secretary Claire Coutinho said "should certainly be explored".