Morning Star Exclusive: Lords see their share holdings in fossil fuel firms grow as energy price cap rises and bills soar
A view of the Chamber of the House of Lords ahead of the State Opening of Parliament at the Palace of Westminster in London, May 13, 2026PEERS have seen their shares in oil and gas firms soar by tens of thousands since the start of the US war on Iran as the energy price cap jumped today, the Morning Star can reveal.
At least seven lords and one baroness have seen their stock holdings in companies such as Equinor, Chevron and Shell, increase since the war-driven energy shock.
New research from the End Fuel Poverty Coalition (EFPC) shared exclusively with the Star revealed the estimated gains made by peers as households “dread” the next energy bill.
EFPC co-ordinator Simon Francis slammed the lords who “may be leaping at the prospect of increased dividends and share prices” on the backs of “suffering households.”
Among the lords who saw the highest rise in their holdings was former Treasury and Cabinet Office minister Lord Agnew of Oulton.
A Tory peer and board member on GB News’ holding company, Lord Agnew saw his shares in Britain’s largest gas supplier Equinor grow by around £28,000 since the February 28 US-Israeli strikes on Iran which kicked off the war.
Former Tory Treasury minister Lord Sassoon saw shares in Chevron, ConocoPhillips, Occidental Petroleum and Shell grow by a combined value of just under £28,000.
EFPC highlighted other sitting peers holding shares in Shell, including former Hong Kong governor Lord Patten, former Tory home secretary and chancellor Lord Clarke and crossbencher Lord Rees.
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