UK households have been urged to ensure they have secured the best value for money on their energy bills as rising costs has seen providers rapidly pull offers from the market.
Many experts have warned of looming price rises as conflict in the Middle East hits the supply of oil and gas from the region.
The US and Israel carried out strikes on Iran on Saturday, which were followed by retaliatory Iranian attacks on targets in the United Arab Emirates (UAE), Qatar, Bahrain, Jordan and Iraq.
As the exchanges continue, Iran has said it will “not let a single drop of oil leave the region”, as it threatens to attack any ship travelling through the Strait of Hormuz, a key lane for the worldwide oil trade.
The situation has led to a spike in the wholesale gas rate, which have almost doubled since the start of the war. The figure is a key driver of UK energy prices.
Analysis by MoneySuperMarket has found that 57 energy tariffs have been either removed or repriced since Monday, as providers anticipate rising costs.
Money expert Martin Lewis has advised households to “urgently” consider a fixed-rate energy deal if they have not already secured one. Many firms have already begun taking their best deals off the market, he added.
If the conflict continues much longer, it is likely it will be reflected in Ofgem’s energy price cap from July. A fixed tariff energy deal guarantees that customers will pay for their energy at a set rate for a set period of time, usually a year.
Meanwhile, those on a variable tariff will see their unit rate change with the energy price cap.
Mr Lewis said: “With deals being pulled all over the place, this is a reminder that this is about getting a cheap fix, not any fix. When you do a comparison, be careful to ensure you're moving to something materially cheaper than the Price Cap from day one.
“It's also worth remembering that things are changing rapidly. The risk averse move is to fix now rather than staying on the Price Cap. But, if things settle, there is always the chance fixes may get cheaper again soon, and waiting could've made it cheaper.
“There is no way to know what'll happen though, as it depends on the Middle East conflict. So, getting a cheap fix for safety looks a good move now, even if in hindsight it may not turn out to be.”
Influential think tank the Resolution Foundation warned on Wednesday that sustained conflict in the Middle East could add £500 on to typical annual energy bills.
The warning comes as households in the UK look forward to a drop in energy bills from April, as Ofgem reduces its cap by £120 following the government’s move to reduce energy bills by scrapping an energy efficiency programme. This saving is also set to be seen by those on fixed tariffs.
Laura Hinton from MoneySuperMarket Energy added: “While the energy price cap is coming down from next month, this is largely due to readjustments on green levies, rather than wholesale energy costs themselves.
“The market was initially predicting energy costs would remain relatively stable before slightly rising towards the end of the year. Instead, recent developments in the Middle East have pushed wholesale gas prices to a 12-month high, up 13 per cent compared with 2025 levels.
“As a result of this uncertainty, we’re already seeing below-cap fixed deals being withdrawn. While the April price cap adjustment will safeguard customers from price hikes for now, energy price rises are now more likely later in the year.
“There are still some price-cap beating fixed deals on the market that can save as much as £108 a year against the current price cap. Though it’s possible that wholesale prices may stabilise over the next few weeks, the best way for people to protect themselves against rises later in the year and beat the price cap, is to switch and fix now.”
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