Martin Lewis has sought to clear up “confusion” about household gas and electricity bills amid an energy price spike sparked by the war in the Middle East. The finance guru said there was a lot of debate and “a little confusion” about energy costs in a post on social media on Monday (March 16).

Lewis, sharing what he said was a “quick” series of “notes”, wrote that the energy price cap would drop on April 1 by 6.7%, affecting most homes in England, Scotland and Wales.

Ofgem’s energy price cap protection between April 1 and June 30 is set at £1,641 for a typical household using electricity and gas, paying by Direct Debit. This compares to the £1,758 cap set between January 1 to March 31.

Lewis said under the April-June price cap most existing fixes would drop by 7% to 9% on April 1 and remain lower until they end.

He said the analysis period, when experts will consider wholesale prices as part of efforts to come up with the July-September price cap, will end in the middle of May.

The expert suggested the July-September price cap looked to see a “heavy rise”, but cautioned much depended on whether the US-Israeli war with Iran ends before May.

Lewis said even if the price cap rises heavily in July and the war is over by that time, then there “should be” lots of cheaper tariffs people can switch to.

He added that those unable to switch would need protection from price rises.

The founder of MoneySavingExpert.com said an “inflection point” would result if the war continues into July, prices remain high, no cheaper deals are available, the price cap rises “heavily” and looks set to remain so or shoot up more in October.

Lewis wrote: “That would be the inflection point where the calls for intervention will rise.”

He ended by writing: “There are still a few fixes available less than the current price cap, so if you are worried, many can lock in a rate now to ensure no hikes for the next year.”

His comments came as Prime Minister Sir Keir Starmer pledged to help UK households with the cost of living amid the energy price spike.

Sir Keir, speaking in Downing Street on Monday, said: “I’m announcing immediate support for vulnerable heating oil customers today, providing £53 million for those households that are most exposed.”

He added: “This Government will always support working people. That is my first instinct, my first priority, to help you with the cost of living throughout this crisis.”

Chancellor Rachel Reeves said Treasury officials have “found the money” to help the 1.5 million households relying on the fuel.

Heating oil is not protected by the energy price cap and its price per litre has doubled as a result of the stranglehold on oil leaving the Middle East since the US-Israeli war with Iran began.

Brent crude remained stubbornly above $100 (£75) a barrel on Monday. It was $104 (£78) in early trading, up nearly 45% since the US and Israel attacked Iran on February 28. It has spiked as high as $120 (£90) during the conflict.

As the main benchmark for oil trading, Brent crude prices affect UK energy costs across the economy. Britain relies on global gas markets to generate electricity and those markets are significantly influenced by Brent prices.