Martin Lewis has urged customers of energy firms including E.On, British Gas, OVO and Octopus to switch their tariffs 'right now' as gas and oil prices rocket amid escalating tensions in the Middle East. The money-saving expert warned that the wholesale gas rate is spiking due to the Iran conflict, which is a prime driver of UK electricity prices.
Writing on X, Mr Lewis said: 'Important: If you can get off the Energy Price Cap right now, you should and urgently!' He explained that if the spike is sustained, it will likely push the Price Cap rate up from July. Some cheap fixes from before the weekend are still available, allowing customers to lock in a rate at around 14% less than the current Price Cap.
Gas prices jumped 52% on Monday after Qatar suspended liquified natural gas production following Iranian attacks, with a further 20% rise on Tuesday. Oil prices also surged, with Brent crude climbing 4% on Tuesday to a 12-month peak of almost $81 per barrel, after Iran obstructed a vital shipping channel. The FTSE 100 tumbled over 2% on Tuesday, following a 1.2% fall on Monday.
Mr Lewis advised that fixes are available for most payment methods except prepay, and that those on smart prepay can look at the EDF Simply Tracker tariff. He also noted that even if customers fix now, the amount they pay will drop by 7% to 9% on typical usage on 1 April due to government changes in how energy bills work.
The conflict has raised fears of steep increases in petrol costs and household energy bills, which could hit UK families hard in the months ahead. Susannah Streeter, chief investment strategist at Wealth Club, said: 'Downbeat sentiment is pervading equity markets as the conflict in the Middle East escalates, with global repercussions.'
