Martin Lewis has urged UK households on standard energy tariffs to fix their deals immediately after wholesale gas prices surged following US-Iran military strikes. The money-saving expert warned that the cost of fixing is likely to jump in the coming days.
Wholesale Gas Prices Spike After Middle East Escalation
The wholesale price of natural gas shot up after US President Donald Trump declared the US-Iran ceasefire 'over' and the two countries exchanged strikes overnight. American forces targeted Iranian military infrastructure, while Iran launched attacks on military installations in Bahrain and Kuwait. Energy prices had been declining after a memorandum of understanding between the nations, but the renewed hostilities threaten to reverse that trend.
Lewis: 'Do It Right Now'
Lewis took to social media on 8 July to warn that energy bills were likely to spike. He stressed urgency, saying: '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%.'
In a follow-up post, he emphasised: '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.'
Broader Regional Conflict Threatens Energy Shipments
A broader regional conflict could engulf the Middle East and would likely disrupt energy shipments through the Strait of Hormuz, a vital route for global oil and gas supplies. 'For me, I think it's over,' Trump said when questioned about the ceasefire's future. He suggested US officials could continue discussions but remained sceptical: 'They can talk, but I think they're wasting their time.'
Talks aimed at a comprehensive agreement were scheduled after the funeral ceremonies for Iran's former supreme leader Ayatollah Ali Khamenei, killed on 28 February in the war's first moments. The funeral proceedings, concluding on Thursday, were expected to provide a window of reduced hostilities. The negotiations were intended to address restoring access to the Strait of Hormuz and scaling back Tehran's nuclear activities.
Iran's parliament speaker Mohammad Bagher Qalibaf posted on X: 'The era of bullying and extortion is over. It leads nowhere. We don't fold.'
