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Households worried about their energy bills once the current price cap expires may be able to secure a more affordable deal on fixed tariffs, though these offers could disappear sooner rather than later. Martin Lewis has urged people to act swiftly after spotting a knock-on effect from the ceasefire in the Middle East.

The money expert explained that the Middle East ceasefire had triggered certain fixed energy tariffs to fall below the April price cap. However, the lifespan of these deals may well hinge on how long the ceasefire itself holds.

The ITV personality noted he's not 'properly back on social yet' but was keen to share his thoughts, believing this development in the volatile energy market could 'give respite to some'.

The Money Saving Expert founder particularly encouraged those currently on the price cap, namely households on variable or non-fixed tariffs - to check whether they could sidestep the anticipated July rise by using the Cheap Energy Club tool on his MoneySavingExpert website.

The Ofgem energy price cap fell by nearly 7% at the beginning of April. It is due to be reviewed in July, when it is widely expected to surge significantly due to the ongoing influence of the Middle East conflict.

The energy price cap sets the maximum amount energy suppliers can charge per unit of energy and standing charge for those on a standard variable tariff. It does not apply to fixed energy tariffs during their agreed term. Lewis has taken a short hiatus but briefly returned to share updates on X, revealing that certain fixed tariff offers have now fallen beneath the current price cap level. He cautioned, though, that these deals may vanish just as rapidly as they appeared.

Mr Lewis previously pointed out that when weighing up whether to fix your energy costs, the deciding element might come down to your personal appetite for risk.

'Fixing' your energy bill means opting for a fixed tariff arrangement that maintains your costs at a consistent level throughout a specified timeframe. During this period, however, the price cap may fluctuate either way, potentially leaving you spending more or less than those on variable rate tariffs.

Between April 1 and June 30, the energy price cap has decreased by 6.6% compared to the preceding cap. This reduction will deliver savings of approximately £117 annually for typical households on variable tariffs.

MSE's Cheap Energy Club cautions: "Energy wholesale rates are spiking due to conflict in the Middle East, meaning many firms have pulled fixed deals, or made them more expensive. Whether you should fix now depends on how risk averse you are and what you think will happen.

"If you're one of two-thirds of households on the Price Cap, we know rates are locked in until July, and if the turmoil ends before then, we'd expect cheaper fixes to return - if so, sticking on the Cap could be the best outcome.

"But if the current situation lasts a long time, fixing now is likely the better option, but you may pay a premium. You can do a full comparison to see your options."