UK Prime Minister Sir Keir Starmer and US President Donald Trump have spoken about the urgent need to reopen the Strait of Hormuz, a key global shipping route, amid the ongoing conflict in the Middle East.
Strategic importance of the strait
Traffic through the Strait of Hormuz, which carries about 20% of the world’s oil and liquefied natural gas, has slowed by approximately 95% since the war in Iran began on 28 February. The Downing Street spokesperson confirmed that both leaders agreed reopening the strait is essential for global energy market stability.
UK response and Cobra meeting
Sir Keir Starmer is set to chair a Cobra meeting on Monday, attended by senior officials including Bank of England governor Andrew Bailey, the chancellor, foreign secretary, and energy secretary. Discussions will focus on the economic impact of the war, energy security, rising fuel prices, and support for families and businesses.
Starmer emphasised that the meeting will explore “every lever available to the government” to address the cost-of-living crisis, while Housing Minister Matthew Pennycook highlighted potential measures to tackle profiteering by fuel retailers.
Heightened tensions
The strait has been effectively blocked by Iran following US and Israeli attacks on 28 February. Trump issued a social media warning threatening to “obliterate” Iranian power plants if the strait was not reopened within 48 hours. Tehran has warned it would target US-linked energy sites in retaliation.
The situation has pushed global crude oil prices up 45%, with Brent crude surpassing $106 per barrel, increasing pressure on governments to stabilise energy supplies.
Parliamentary scrutiny
Sir Keir is also expected to face questions from senior MPs during the Liaison Committee session in the House of Commons, ahead of the Cobra meeting, to outline the government’s response to the crisis and steps being taken to mitigate the economic impact.
Also read: Trump issues ultimatum to Iran over Strait of Hormuz access
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