The Prime Minister will chair a Cobra crisis committee today amid warnings that household energy bills could soar by almost £300 this summer.
Sir Keir Starmer said ministers will look at "making sure that everything that we need to have in place" to respond to the looming economic crisis sparked by the Iran war is set up.
Average energy bills are forecast to rise by £288 from July as soaring wholesale costs caused by conflict in the Middle East are set to push up Ofgem's price cap.
Cornwall Insight said its prediction for the watchdog's price cap from July to September now stands at £1,929 for a typical dual fuel household - an increase of £288 or 18 per cent on April's cap.
Motorists are already counting the cost of the war, with drivers paying £544 million extra for fuel since the US-Israeli bombing campaign began.
Iran's selective blockade of the Strait of Hormuz - a vital oil and gas shipping route - and its attacks on the Gulf states has pushed up global energy prices.
In the latest sign of the risk to shipping in the region, a Kuwaiti oil tanker was attacked off the coast of Dubai.
Chancellor Rachel Reeves has already indicated that targeted help for poorer households could be available if bills continue to rise.
There are particular worries about the impact in the autumn, when energy use increases as temperatures drop.
The price most households pay for energy under regulator Ofgem's cap will fall by £117-a-year to £1,641 from Wednesday, driven by the Government's promise to cut bills by an average of £150 by removing green subsidies.
Energy consumers minister Martin McCluskey said: "Tackling the affordability crisis is our number one priority and I know many families will be thinking about how events in the Middle East might impact the cost of living at home.
"We will continue to fight people's corner through this crisis and, as the Energy Secretary (Ed Miliband) has said, if it's necessary to intervene, we will."
The costs for homes reliant on heating oil, which are not covered by the Ofgem cap, have already risen significantly.
Government figures showed the average price per litre of standard grade burning oil stood at 104.1p in March, nearly double the average in February (53.5p) and the highest monthly figure since official data began in January 1989.
The Government has announced a £53 million package of support for heating oil customers.
