UK firms pull fixed energy deals as Iran war pushes up prices

UK firms pull fixed energy deals as Iran war pushes up prices 13 minutes ago Share Save Mitchell Labiak Business reporter Share Save Energy suppliers in the UK are pulling a raft of fixed-price tariffs from the market following a spike in oil and gas prices caused by the US-Israel war with Iran. The number of fixed deals available has more than halved since the weekend and those remaining have jumped in price, according to data from price comparison website Uswitch. Energy UK, which represents suppliers, said uncertainty in the wholesale fuel market has made it difficult for firms to offer a fixed price for a year or longer. Energy costs for households have soared in recent years, with many people struggling to pay bills alongside price rises for food and services as well. Wholesale energy prices have fallen since a spike in 2023 but remain much higher than before Russia's full-scale invasion of Ukraine. Prices surged again this week following the outbreak of the most recent Middle Eastern conflict, as production and transport of oil and gas across the region has slowed or stopped entirely in many cases. Data from Uswitch, which is for the whole UK energy market rather than just its website, suggests this is already feeding through. It said the number of fixed tariffs has slumped from 38 on Saturday to 15 on Thursday, while the price range for those tariffs has climbed from a range of £1,509-£1,898 to £1,640-£2,194 over the same period. The energy price cap means those on a variable tariff won't see a price rise in their energy bills until at least July, and those on a fixed rate won't see a rise until their term ends. However, Energy UK's deputy policy director Ned Hammond added that "should current gas prices remain as high as they are for several more weeks, this could have a material impact on future price caps". Ofgem Energy industry Cost of Living