Martin Lewis has issued an urgent warning to British households, urging them to lock in energy deals immediately as renewed hostilities between the United States and Iran drive wholesale gas prices sharply higher. The money-saving expert took to social media on July 8, 2026, to alert consumers that the cost of fixing energy tariffs is likely to jump in the coming days.
Wholesale Gas Prices Surge After US-Iran Strikes
The escalation began when former US President Donald Trump declared the ceasefire between the US and Iran 'over'. Overnight, the two countries exchanged military strikes: the US targeted Iranian military infrastructure, while Iran attacked military sites in Bahrain and Kuwait. This violence has caused the wholesale price of natural gas to spike, reversing a period of gradual decline following a previous memorandum of understanding.
Lewis stated on X: "Wholesale gas prices jumping on the back of Iran and USA trading fire. That means new energy fixes will likely get more expensive in coming days. So if you're on the price cap & haven't fixed yet, do it ASAP. Typical savings 16%." He added: "This really is a do it right now. If you are in your firms standard tariff (ie not fix or special deal) as most are. Follow the link as there's a high probability the cost of fixing is about to jump."
Risk of Broader Conflict and Energy Disruption
The renewed conflict threatens to engulf the wider Middle East and could once again halt energy shipments through the Strait of Hormuz, a critical chokepoint for global oil and gas supplies. During previous tensions, the strait's partial closure led to significant price volatility and supply concerns.
Trump responded to questions about the ceasefire by saying: "For me, I think it’s over." He indicated that US representatives could continue negotiations but expressed pessimism: "They can talk, but I think they’re wasting their time."
Negotiations on Hold Amid Funeral Period
Negotiations for a final deal had been scheduled to begin after the multi-day funeral for Iran’s former supreme leader Ayatollah Ali Khamenei, who was killed on February 28 in the initial outbreak of war. The funeral, ending on Thursday, was intended as a period of reduced tensions. The talks were meant to address the most difficult issues, including fully reopening the Strait of Hormuz and rolling back Tehran's disputed nuclear programme.
Iran’s parliament speaker Mohammad Bagher Qalibaf responded defiantly on X: "The era of bullying and extortion is over. It leads nowhere. We don’t fold."
Lewis's Advice: Act Now to Secure Savings
Lewis emphasised that households currently on standard variable tariffs—the majority of customers—should act without delay. The typical saving from fixing is around 16%, but this window is narrowing as wholesale costs rise. He directed followers to a link for more information, warning that the cost of fixing is likely to increase imminently.
