The conflict in the Middle East has laid bare how the UK’s energy sector is “hostage” to foreign events which “punish” Britons, MPs have warned.

Oil prices have risen to their highest level in more than two years amid the exchange of fire between Iran and the United States.

Senior Tory MP Andrew Griffith said: “The escalation of conflict in the Middle East has once again laid bare that our energy security is too often a hostage to foreign events which punish British industry and households.

“The Russian invasion of Ukraine should have been a spur to action, but Labour has failed to develop a credible plan to deliver energy security and cheaper bills.”

Brent crude oil rose more than 9% on Friday, topping $93 a barrel – the highest level since autumn 2023.

Rocketing oil prices can have wide-reaching effects, including on costs to fill up vehicles, heating homes, food and imported goods.

Neil Shastri-Hurst MP said: “Recent events in the Middle East have yet again exposed the dangers of having an energy system that is reliant on foreign gas imports. It also exposes why Labour’s arbitrary 2030 clean power target is reckless to our own energy security. Britain needs a long-term strategy that harnesses multiple forms of domestically produced energy instead of rushing out inefficient projects that undermine the benefits of wind and solar.”

Both Mr Griffiths and Mr Shastri-Hurst called for ministers to slash red tape to unleash British nuclear power.

Dillon Smith, head of Policy for the Conservative Environment Network, said: “Spiking oil and gas prices are a grim reminder of this country’s energy insecurity and will deeply worry households and businesses that remember the 2022 crisis all too well. But just as scary is the fact that Labour seem to have learnt all the wrong lessons from the impact of Russia’s invasion of Ukraine , and risk locking us into higher prices for decades to come.

“Ed Miliband is determined to get gas out of the power system as quickly as possible, regardless of the risks and the distortions this is already causing. By sprinting ahead rather than taking a measured approach, he risks trading the volatility of fossil fuel price spikes for the guarantee of stable prices at high levels.

“Instead of this ideological approach, Britain should be pursuing an ‘all of the above’ policy of abundance and letting markets take the lead. That means ending the ruinous Energy Profits Levy and exploiting the remaining oil and gas in the North Sea, unleashing nuclear, getting on with power market reform, and cutting the costs of renewables.”

Mr Miliband said last week that he was confident the country’s energy supply is robust despite the conflict in the Middle East disrupting oil and gas shipping lanes.

The Energy Secretary defended the Government’s policy not to allow new North Sea exploration licences, and said they would not make any difference to energy bills.

Mr Miliband said more green energy would solidify the country’s energy supplies, meaning the UK is less reliant on other countries.

He also said it would futureproof the UK against economic shocks, as he attributed half of the recessions of the last 50 years to fossil fuel price crises.

It comes as the conflict in Iran has seen shipping in the Strait of Hormuz, which links the Gulf to the Arabian Sea, “significantly” reduced because of attacks.

About a fifth of all global oil and LNG (liquefied natural gas) passes through the strait.