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Octopus Energy has warned its latest fixed prices have gone up by around \u00a3200 (Image: Getty)<\/p>\n
Octopus Energy has issued a \u00a3200 warning to customers following ongoing conflict in the Middle East.<\/p>\n
US-Israeli strikes<\/a> on Iran, followed by retaliatory strikes across the region, has caused global gas prices<\/a> to spike, driving UK wholesale energy prices up by around 50%. The conflict means it currently costs energy suppliers more to buy energy to supply to customers, which has prompted UK suppliers to pull a raft of fixed-price tariffs<\/a> from the market, or reprice them so they\u2019re more expensive. According to data from price comparison website Uswitch, the number of fixed deals has more than halved since last weekend, while those remaining have gone up in price, meaning customers now have fewer options to switch and save.<\/p>\n Octopus Energy<\/a> has warned that its latest fixed prices have already gone up by around \u00a3200 this week and could rise again depending on what happens in the Middle East<\/a>.<\/p>\n Read More: Households with an induction hob in kitchen urged to spend 25p now <\/a><\/p>\n Read More: Gardeners urged to avoid \u00a35,000 fine for mowing lawn at wrong time on weekends <\/a><\/p>\n Households on fixed deals don\u2019t need to do anything as prices remain locked in for the duration of their fix, but those on flexible tariffs, or nearing the end of a fixed deal, are being urged to consider their options.<\/p>\n Octopus Energy said: \u201cNone of us have a crystal ball that shows how long this conflict will last, so we can\u2019t know for sure what\u2019s best.<\/p>\n \u201cIf you\u2019re on a fixed tariff with several months left to go, then it might be best to stay on that, as otherwise you\u2019ll be paying more in the short term.<\/p>\n \u201cIf you\u2019re on Flexible Octopus, or near the end of your fixed tariff and you\u2019re worried about lasting conflict in the Middle East, fixing for 12 months means you\u2019ll be paying around the same as the energy price cap throughout 2025 \u2013 so it may not be a bad deal to protect against future increases.<\/p>\n \u201cBear in mind that our latest tariffs do have exit fees, so that\u2019s something to consider carefully if you might need to move tariffs within the next 12 months.\u201d<\/p>\n Energy experts have warned that if wholesale energy prices remain high, Ofgem\u2019s price cap for July will almost certainly go up, meaning fixing now may be a better money-saving option, but it is impossible to predict energy prices that far ahead, so switching now does carry an element of risk.<\/p>\n But the energy price cap will provide protection for households until the start of July, regardless of developments in the Middle East.<\/p>\n And in a further piece of \u201cgood news\u201d for customers, around \u00a3150 will be cut from the average household bill from April 1 as a long-running energy efficiency programme introduced under the Tories<\/a> is scrapped. <\/p>\n Major UK energy suppliers, including Octopus Energy, British Gas, E.ON, OVO and EDF, have all confirmed plans to pass on savings to all customers from April, meaning a reduction in household energy bills.<\/p>\n