The ceasefire between America and Iran has seen the market prices of gas and heating oil reduce from peaks.
But one market analyst warned that “the two-week ceasefire is likely to be fraught with uncertainty, but for now there are hopes that it will be a precursor to a longer-lasting agreement. There is a chance that the cost-of-living crisis consumers are already having to deal with may not be quite as painful.”
In early trading [by 1000 8 April], UK gas prices remained 38% up year on year with Heating Oil wholesale costs up 78% on 2025.
A spokesperson for the End Fuel Poverty Coalition, commented:
“Despite the Iranian ceasefire, the damage has been done for households. The surges in oil and gas costs have already hurt household finances and will continue to have an impact on energy bills for months to come.
”Oil, LPG and gas costs have spent over five weeks at elevated levels hitting some households immediately and all households will feel the costs from 1 July when the next Ofgem price cap period starts.
”For as long as our energy system is hooked on oil and gas prices, history will keep repeating itself and our bills will be at the mercy of decisions taken by Trump, Putin and Gulf States.
”This must be the moment we push for more support for energy efficiency measures and renewable energy to bring down bills and secure our energy supply for the long-term.”