Prime Minister Keir Starmer is set to chair an emergency COBR meeting on Monday to address the growing cost of living crisis exacerbated by the US-Israeli conflict with Iran. The meeting will include Bank of England Governor Andrew Bailey and other senior ministers.
The emergency talks come after US President Donald Trump issued a 48-hour ultimatum to Iran to fully open the Strait of Hormuz, warning of military action against Iranian power plants if the demand is not met. The standoff has disrupted global oil supplies, with the region seeing missiles and drones blocking shipments.
Chris O'Shea, chief executive of Centrica, which owns British Gas, warned that price rises may be 'inescapable' if the conflict persists. He noted that global oil supplies have dropped by 20% due to the blockade, with the world consuming about 100 million barrels of oil daily.
Cabinet minister Steve Reed urged the public to continue buying fuel as usual, stating there is no need for rationing. He confirmed that the government has contingency plans ready and would intervene if necessary, as it did with heating oil during previous price spikes.
