Martin Lewis has called on Brits to act immediately after tensions in the Middle East reignited. The wholesale price of natural gas has shot up after Donald Trump said the ceasefire between the US and Iran was ‘over’.
The two countries exchanged strikes overnight, with the US hitting Iranian military infrastructure and Iran attacking military sites in Bahrain and Kuwait. Energy costs were gradually falling after a memorandum of understanding was signed between the two countries, but the fresh violence could send them climbing once again.
Money-saving expert Mr Lewis sent out a message on social media today (July 8) warning that energy prices were likely to surge in the wake of the latest escalation. He also urged people to act ‘right now’ as there was a high chance that the ‘cost of fixing is about to jump’.
He said: “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 in a second message saying: “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.”
A renewed conflict could engulf the wider Middle East and would likely again halt energy shipments through the Strait of Hormuz, which are crucial to the global economy.
“For me, I think it’s over,” Mr Trump responded when asked about the status of the ceasefire. He added that US representatives can continue negotiations, but he cast doubt on the outcome. “They can talk, but I think they’re wasting their time,” he said.
Negotiations to reach a final deal had been due to start after the multi-day funeral for Iran’s former supreme leader Ayatollah Ali Khamenei, who was killed on February 28 in the war’s first moments. The funeral, which ends on Thursday, was supposed to be a period of lower tensions.
The talks are meant to focus on the toughest matters, including fully reopening the strait and rolling back Tehran’s disputed nuclear programme.
“The era of bullying and extortion is over,” Iran’s parliament speaker Mohammad Bagher Qalibaf wrote on X. “It leads nowhere. We don’t fold.”
