Israel’s war with Iran is drawing attention to oil prices again, as the world watches nervously for disruptions to global supplies.

The conflict has turned attention back to Labour’s proposed ban on new drilling in the North Sea, one of the party’s most eye-catching policies in last year’s election.

The pledge not to issue new oil and gas licences is based on “science”, according to Ed Miliband, the Energy Secretary, amid projections that licensing any new fields globally would be incompatible with net zero targets.

In its election manifesto, Labour also argued that allowing more extraction from the North Sea “will not take a penny off bills, cannot make us energy secure and will only accelerate the worsening climate crisis”.

It was a premise that was questioned by some experts but won praise from others, as well as from environmental campaigners.

But critics warn it risks leaving Britain more exposed to geopolitical crises.

It’s no secret that the North Sea is in decline. Whether Labour presses ahead with a ban on new licences or not, Britain’s oil and gas output will continue to fall.

But while that fall is inevitable, the rate of decline is not.

The independent Climate Change Committee estimates that there will be demand for between 13bn and 15bn barrels of oil and gas in the UK over the next 25 years.

Under current policies, less than one third of this overall demand is expected to be met by domestic production. That is equivalent to about 4bn barrels, with an estimated 3bn that could be exploited left underground.

The balance would come from foreign imports.

Mr Miliband has said boosting production would bring no material benefit to consumers because oil and gas prices are set by international markets and the output of the North Sea is too small to make a difference.

But while many economists agree up to a point, some say this argument misses the importance of energy security.

“As long as you are a big importer, it doesn’t make sense to reduce your production,” says Bjarne Schieldrop, analyst at SEB Research.

“What you need to do is to reduce your consumption as fast as possible. Energy has become more politically sensitive in recent years, with Russia using energy as a weapon.

“So actually, security of supply is extremely important. It’s not just about the price.”

Simon French, chief economist at Panmure Liberum, adds that if Britain and Europe produce more oil and gas collectively, they would be less dependent during a crisis on supplies shipped from the Middle East.

In a global supply crunch, it is still unlikely that the UK would be at risk of shortages given its ability to outbid poorer countries for shipments when prices rise.