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The Independent UK
The Independent UK
Karl Matchett,Bryony Gooch and Rebecca Whittaker

Oil prices latest: Reeves ready to support release of reserves and issues inflation warning over US-Iran war

Oil United States Bryony Gooch Sir Keir Starmer Steve Reed Athena Stavrou Iran Karl Matchett the Middle East United Kingdom

Rachel Reeves has said she is ready to support “a co-ordinated release” of international oil reserves held by the International Energy Agency, to ease the economic shock of the US-Iran war.

The chancellor issued a stark inflation warning amid fears the war in the Middle East will spark another cost-of-living crisis in the UK with fuel prices set to soar.

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