Chancellor Rachel Reeves has vowed the government will do "everything in its power" to shield the UK from the economic impact of the Israel-Iran conflict.
Global oil prices shot up on Friday when the countries traded missile strikes, in turn pushing up petrol and diesel costs with the potential to lead to more broad inflation.
In 2022, when Russia launched its invasion of Ukraine, oil prices rocketed to as much as $130 a barrel, resulting in rising costs in the UK for everything from groceries in the supermarket to transport.
Oil prices are not anywhere near that level at present, but Reeves told the BBC: "There is no complacency from myself or the Treasury."
The Conservative government stepped in to help households in 2022 as energy prices soared, but market experts, the BBC reports, say there is currently less upward pressure on the price of oil than there was three years ago.
Reeves said: "A lack of investment in our own domestic energy production has left us exposed.
"The investment [announced in the Spending Review] in nuclear energy, in offshore wind, in onshore wind, in carbon capture and storage, is all about ensuring we are more self-sufficient as a nation."