A rapid de-escalation in the Middle East is the best way to protect the United Kingdom from rising energy prices, British finance minister Rachel Reeves said, adding that she would keep monitoring prices after a spike in the price of oil, Reuters reports.

“I am clear that the best way to keep prices at the pump low is rapid de-escalation, and I will continue to monitor prices as the situation develops,” Reeves told lawmakers, adding she had asked regulators to be vigilant on prices for essentials like road fuel.

“I will not tolerate any company exploiting the current crisis to make excess profits at consumers’ expense.”