Recent tensions in the Middle East have disrupted shipping through the Strait of Hormuz, a critical route for global oil and gas supply. This has caused a sharp spike in wholesale gas prices.

It's still too early to tell the exact impact this will have on bills at home. While a lot depends on how long the conflict continues, there are some safeguards in place, and you do have options available.

Customers already on a fixed tariff are protected against price swings for the entire length of their contract – that's one of the main benefits of fixing.

For standard tariff customers like you, your rates will be limited by the current – and the next – price cap until the end of June, which is good news. But if wholesale prices stay high, this could result in significant price increases when the following price cap kicks in from 1 July.

So, what to do? If you hate uncertainty and want peace of mind, fixing is a great way to shield yourself from future price spikes.

The price of fixed deals has gone up over the last week, with many tariffs being withdrawn. But some competitive fixed deals are still available from the likes of EDF, with prices around the April price cap level (£1,641).*

Alternatively, if you want a guaranteed saving versus the price cap, you might consider switching to a tracker tariff, like the one from E.ON Next below. You could save £100** a year on average, with rates guaranteed to remain below the cap.

It's worth noting that whatever you decide to do, all tariffs will get cheaper from 1 April once the Government's green levy reductions are applied.