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The wholesale price of natural gas has shot up after Donald Trump declared the US-Iran ceasefire 'over' and the two countries exchanged strikes overnight

Martin Lewis has urged Brits to take immediate action following a dramatic escalation of tensions in the Middle East. The wholesale cost of natural gas has surged after Donald Trump declared the ceasefire between the US and Iran was 'over'.

Overnight, the two nations exchanged military strikes, with American forces targeting Iranian military infrastructure while Iran launched attacks on military installations in Bahrain and Kuwait. Energy prices had been steadily declining following a memorandum of understanding between the countries, but the renewed hostilities threaten to reverse that trend.

The money-saving guru took to social media today (8 July) to warn that energy bills were likely to spike following the latest flare-up. He stressed the urgency for households to act 'right now' as there's 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%."

In a follow-up post, he emphasised: "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 broader regional conflict could engulf the Middle East and would probably disrupt energy shipments through the Strait of Hormuz once more, a route vital to the global economy. "For me, I think it's over," Mr Trump said when questioned about the ceasefire's future.

He suggested US officials could carry on with discussions, though he remained sceptical about any breakthrough. "They can talk, but I think they're wasting their time," he remarked.

Talks aimed at securing a comprehensive agreement were scheduled to begin following the extended funeral ceremonies for Iran's former supreme leader Ayatollah Ali Khamenei, who was killed on 28 February in the war's first moments. The funeral proceedings, concluding on Thursday, were expected to provide a window of reduced hostilities.

The negotiations are intended to address the most challenging issues, including fully restoring access to the strait and scaling back Tehran's controversial nuclear activities.

"The era of bullying and extortion is over," Iran's parliament speaker Mohammad Bagher Qalibaf posted on X. "It leads nowhere. We don't fold."

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