British Steel halted new orders as Middle East conflict drove gas prices up 81% since January and oil above $90 per barrel. The government-controlled company operates the UK's last blast furnaces at Scunthorpe, capable of producing 3.2 million metric tons annually. Taxpayers may now subsidize idle plants while fixed costs accumulate. Existing 25% US tariffs and impending EU restrictions compound the crisis. However, some industry leaders note Chinese competitors reliant on Iranian oil face similar pressures, potentially offering long-term competitive rebalancing.