Britain's energy price-cap forecast to rise about 11%, Cornwall Insight says

LONDON, March 13 (Reuters) - Britain's domestic ​energy price ⁠cap is forecast to ​rise by about 11% in July, analysts at Cornwall Insight said on ​Friday, ‌increasing their forecast due to the ongoing impact of the ⁠Iran war on wholesale energy prices.

British ⁠finance minister Rachel Reeves ​said on Wednesday she would consider action to shield households from surging energy costs due to the conflict in the ​Middle ‌East, but that it was premature at this stage.

Wholesale gas prices have risen more than 60% over the past two weeks. Those prices are the largest ​single factor contributing to British energy regulator Ofgem's domestic ‌price cap, which is set quarterly using a formula that also reflects suppliers' network costs ‌and environmental and social levies.

Disruptions to shipping in the Middle East and a halt to liquefied natural gas exports ​from Qatar, one of the world's largest gas exporters, has led ‌to a surge in international gas prices which is showing no signs of abating.

Cornwall Insight forecasts Ofgem's price ⁠cap will ⁠rise in July to 1,827 pounds ($2,422) ‌a year for typical use, from 1,641 pounds in April.

Last week they ​had forecast ​a rise of 10% in the ‌cap.

Ofgem is expected to publish the next price cap level by May 27.