Energy suppliers in the United Kingdom are withdrawing many fixed-price energy deals after a sharp rise in oil and gas prices linked to the conflict between the United States, Israel and Iran. Data from price comparison service Uswitch shows the number of fixed tariffs has more than halved in recent days, while the cost of remaining deals has increased significantly.

Industry representatives say heightened uncertainty in wholesale fuel markets has made it difficult for companies to guarantee prices for a year or more. Although wholesale prices had eased since their peak in 2023, they remain well above levels seen before Russia's full-scale invasion of Ukraine and have climbed again as Middle Eastern production and transport routes face disruption.

Households on variable tariffs are protected by the energy price cap until at least July, and those on fixed deals will not see changes until their contracts end. However, industry officials warn that if elevated gas prices persist, future adjustments to the cap could lead to higher bills later this year.