The wholesale price of natural gas has shot up after Donald Trump said the ceasefire between the US and Iran was ‘over’
Martin Lewis has urged Brits to take immediate action following renewed tensions in the Middle East. The wholesale price of natural gas has surged after Donald Trump declared the ceasefire between the US and Iran was ‘over’.
The two nations exchanged strikes overnight, with the US targeting Iranian military infrastructure and Iran launching attacks on military sites in Bahrain and Kuwait. Energy costs had been gradually declining after a memorandum of understanding was signed between the two countries, but the recent violence could send them soaring once more.
Money-saving expert Mr Lewis issued a message on social media today (8 July) warning that energy prices were likely to spike following the latest escalation. He also encouraged people to act ‘right now’ as there was a strong likelihood that the ‘cost of fixing is about to jump’.
He stated: “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 continued in a follow-up message: “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 broader Middle East and would likely once again halt energy shipments through the Strait of Hormuz, which are vital to the global economy. “For me, I think it’s over,” Mr Trump stated when questioned about the current state of the ceasefire.
He suggested that US representatives could press ahead with negotiations, though he expressed scepticism over the outcome. “They can talk, but I think they’re wasting their time,” he said.
Negotiations towards a final agreement had been scheduled to commence following the multi-day funeral of Iran’s former supreme leader Ayatollah Ali Khamenei, who was killed on February 28 in the opening moments of the conflict. The funeral, concluding on Thursday, was intended to mark a period of reduced tensions.
The discussions are expected to centre on the most challenging issues, including the full reopening of the strait and scaling back Tehran’s contested 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.”
