The government is concerned ongoing attacks on shipping in the Red Sea could further shrink the UK economy,
BBC reports.
The BBC understands the Treasury has modelled scenarios including crude oil prices rising by more than $10 a barrel and a 25% increase in natural gas.
On Thursday night, the UK launched airstrikes against the Houthi rebels.
The government fears if the disruption to cargo traffic spreads to tanker traffic another energy shock is possible.
On Friday, the price of Brent crude - the international benchmark for oil prices - rose by 2% to $78.94 per barrel while US West Texas crude increased by 2.1% to $73.55.
The boss of shipping giant Maersk said "significant disruption" to global trade was already being felt "down to the end consumer".
Prior to the military strikes on Thursday, Maersk chief executive Vincent Clerc had called for a "stronger mobilisation" to repel the attacks, which he said would lead to higher prices for customers.
Currently, about a quarter of the world's shipping containers are being diverted from the area.
According to the White House, around 15% of global seaborne trade passes through the Red Sea. This includes 8% of global grain, 12% of seaborne oil and 8% of the world's liquified natural gas.
Currently traffic is having to take the longer route around Africa's Cape of Good Hope.
Tesla, the US electric car-maker, said that it would suspend most of its production at a factory in Berlin after the attacks in the Red Sea led to a shortage of components.
"The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide," it said.
Earlier this week, Tesco boss Ken Murphy said the disruption "could inflate the cost of some items but we just don't know at the minute".
Next, Ikea and Danone have also said they are expecting delays in receiving goods.
The Red Sea is "one of the most important arteries of global trade" Mr Clerc told the BBC. Even if it is opened up quickly again it will "probably take a few months more" to get back to normal, he added.
For the shipping industry there is currently no alternative. "We don't really see another solution right now than to sail south of the Cape of Good Hope," he said.
Making the Red Sea safe again will require a better understanding of the threat, he said.
He explained that when one of his company's ships, the Maersk Hangzhou, was attacked it was outside the perceived danger zone and was targeted with different weapons to previous attacks.
"The level of threat is actually evolving", he said.
The Houthis military capabilities and the political difficulties of interventions are making it difficult for the military coalition to end the threat to global trade.
Iranian-backed Houthi rebels in Yemen said the attacks are in sympathy with Palestinian suffering in Gaza and the group's leader Abdel-Malek al-Houthi said on Thursday that they "will not back down".
Commercial shipping has been targeted at least 27 times since mid-November, according to the US military.
