Motorists have been hit by further prices rises at the pump, with experts predicting the impact of the Iran war could be felt for months.
The conflict in the Gulf has seen Iran continue its stranglehold on tankers passing through the Strait of Hormuz, leading to soaring oil prices with the cost of a barrel rising more than 3 per cent on Monday to $117.
Despite UK ministers insisiting there is no need for fuel rationing, over the weekend the boss of Asda warned of a temporary shortage at the pumps at the same time data reavealed spending on fuel jumped 11 per cent in the week after the war started.
Now latest data from the RAC shows the average price of a litre of diesel at UK forecourts has risen to 179.9p on Sunday, 28.5p more than petrol (151.4p), with the price difference at its highest level since at least 2003.
Steve Gooding, director of the RAC Foundation, said: “If oil prices remain at this level the impact on the forecourt could be felt for weeks, if not months.”
On Monday, Sir Keir Starmer launched Labour’s local election campaign launch, warning that the backdrop to the elections was “uncertain”. Later, he will meet energy bosses in Downing Street to discuss emergency measures in response to the Middle East crisis.
Key Points
- Starmer to chair Cobra meeting following meeting with energy bosses
- Starmer declares ‘this is not our war’ as he kicks off local election campaign
- Diesel price hits highest level since December 2022
- Oil prices up more than 3% on Monday
- Prime minister to meet business leaders in No10
Diesel price hits highest level since December 2022
14:14 , Alex RossDiesel prices have reached their most expensive level since December 2022, new figures show, as the Iran oil crisis escalates.
The RAC said the average price of a litre of the fuel at UK forecourts on Monday was 181.2p.
That represents a 27% increase from 142.4p on February 28, the day the war in the Middle East began.
Average petrol prices have reached 152.0p per litre, a rise of 14% from 132.8p over the same period.
RAC head of policy Simon Williams said: “Compared to the start of the Iran conflict, it costs £10.55 more to fill up a typical family car that runs on petrol, and £21.35 more for a comparative diesel car.
“The financial strain on the eight in 10 motorists that tell us they depend on their cars continues to build, and at a particularly rapid rate for those who drive diesel vehicles.”
Fears over fuel shortages unlikely to put off car trips this Easter, say AA
13:45 , Alex RossThe AA is predicting that more than 20 million road journeys will be made on the busiest days this Easter, despite the onging crisis in the Middle East, which is impacting fuel prices.
With the price of unleaded petrol passing 150p, the cost of driving has increased compared to a year ago.
However, the AA says this Easter will be one of the busiest for road traffic.
Lee Morley, AA expert patrol, said: “After what feels like a very long, wet winter, lots of families are looking forward to the Easter break.
"With more than 20 million journeys expected on the busiest days, it’s shaping up to be one of the busiest Easters on the roads in recent years.”
The cheapest supermarket petrol prices
13:30 , Alex RossAs motorists face ongoing hikes at the petrol pumps, RAC has compiled a list of the prices charged at major supermarkets.
British troops will not join any ground invasion of Iran, Starmer says
13:15 , Alex RossSir Keir Starmer has ruled out putting British troops on the ground in Iran, as he insisted the UK will not be “dragged in” to Donald Trump’s escalating war in the region.
The US sparked fears over the weekend that it is preparing launch ground operations in Iran, as fighting between Tehran and Washington continues into its second month.
The prime minister has faced criticism from both allies and enemies over his approach to the conflict, but doubled down on his position on Monday when asked if British troops could be sent to the Middle East.
Read more here:
British troops will not join any ground invasion of Iran, Starmer says
Trump issues new warning to Iran
13:00 , Alex RossUS president Donald Trump has issued another warning to Iran on Monday to open the Strait of Hormuz or risk U.S attacks on its oil wells and power plants.
"Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately 'Open for Business,' we will conclude our lovely 'stay' in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island," Mr Trump wrote in a social media post.
UK being updated by US 'at every level' on Iran operation
12:46 , Alex RossThe UK is in discussions with the US over its campaign against Iran at “every level”, the government has said.
On Monday, US president Donald Trump said that seizing Iran’s Kharg Island, the country’s main oil terminal in the Perisan Gulf, was on the table as he looks to end the war in the region that is impacting markets around the world.
Sir Keir Starmer’s official spokesperson said: “Of course we’re in discussions with the US at every level, you’ve seen updates from the Prime Minister’s conversations with the president, likewise with the Foreign Secretary’s counterpart, and likewise with the Chancellor and Energy Secretary’s counterparts, as well as joining various multilateral calls.
“Of course we’re engaging at every level to ensure that we’re protecting British national interests.”
The Downing Street spokesperson also said the UK would not provide an ongoing narrative on the US operation.
He said: “It’s not for me to provide running commentary on our allies’ operations.
“We will continue to focus, as the Prime Minister has done, on British national interests, protecting people in the region, doing what we can to protect households from the impact here in the UK, and working with international allies.”
UK not facing a petrol shortage, Downing Street claims
12:32 , Alex RossPetrol stations are “well-stocked nationally and any suggestion otherwise is incorrect”, according to Downing Street.
Asked whether the government was planning for any shortages, Sir Keir Starmer’s spokesman replied: “We’ll always plan for all eventualities.”
He added: “To be very clear, as the PM (Sir Keir Starmer) has said and as the government have said, and indeed industry have said, fuel production and imports are continuing.
“The UK benefits from diverse and resilient supply.
“Petrol stations in the UK are well-stocked nationally and any suggestion otherwise is incorrect.”
Plaid Cymru leader urges voters to ‘choose hope over division’
12:15 , Alex RossThe leader of Plaid Cymru has urged voters to “choose hope over division” as he launched his party’s bid to end three decades of Labour rule in Wales.
Rhun ap Iorwerth is hoping to form the first non-Labour led government in Cardiff Bay since devolution in 1999.
An MRP poll published last week, conducted by YouGov for ITV Cymru Wales, suggested Plaid Cymru remains on course to be the biggest party in May, with Reform the second largest and Labour third.
Mr ap Iorwerth, a former BBC journalist, also launched Plaid’s key election pledges, which include cutting NHS waiting lists and speeding up treatment times, helping families with £30,000 worth of free childcare, improving educational standards and tackling child poverty.
“We will stand up for Wales to get a fair deal from Westminster,” he told supporters at the campaign launch at Bedwas Workmen’s Hall & Institute in Caerphilly.
British troops will not be sent to Iran, says Sir Keir
12:00 , Alex RossSir Keir Starmer has insisted British boots will not be placed on the ground in Iran.
Asked if he was considering deploying UK armed forces as the US musters its troops in the Middle East, Sir Keir told broadcasters: “This is not our war and we’re not going to get drawn into it.
“What we have done is taken defensive action: so we’ve had our pilots up in the air since an hour or two after this war started, defending British lives, British interests and, of course, our allies in the region.”
The UK will continue to defend its interests and allies, and work to reopen the Strait of Hormuz, Sir Keir said.
“But we are not going to get dragged into this war,” he added.
Starmer to chair Cobra meeting following meeting with energy bosses
11:47 , Athena StavrouThe prime minister is set to chair another Cobra meeting looking at the economic impacts of the Iran war this week, following a roundtable with energy bosses this afternoon.
Sir Keir Starmer will chair a Cobra meeting on Tuesday as the government grapples with the fallout of Donald Trump’s war in the Middle East, and the closure of the Strait of Hormuz.
Asked about Monday’s meeting, Sir Keir said: “We are bringing together the shipping sector, insurance and energy, because obviously that’s a focus of concern.“A lot of discussion about the Strait of Hormuz and what we can do to get the straits open, which is the single most effective way to bring energy prices down.
He added: “I will have a Cobra tomorrow, another Cobra, to look at the economic impacts of the war and making sure that everything that we need to have in place, everything is monitored and audited properly.”
The price disparity between petrol and diesel
11:30 , Alex RossAs we’ve been reporting, data from the RAC has showed the price difference between petrol and diesel is at its highest since at least 2003.
Latest DVLA figures show there were 16.2 million diesel vehicles licensed in the UK as of the end of September last year.
This included the vast majority of light goods vehicles, such as vans.
Steve Gooding, director of the RAC Foundation, said: “Diesel is the lifeblood of millions of small businesses, but today white van man is bleeding cash just to stay on the road.
“Whether you drive or not, soaring diesel prices will take money out of your pocket, either at the pump or in the bills you pay for everything from calling out the plumber to getting a home delivery.
“If oil prices remain at this level the impact on the forecourt could be felt for weeks, if not months.
“That’s bad news for everyone, not just drivers of the UK’s 4.6 million diesel vans, the majority of which will be used for work purposes.”
Starmer blasts ‘terrible judgement’ of Tories and Greens
11:25 , Athena StavrouSir Keir Starmer soughts to discredit his opponents on both the left and right on Monday, as he fights to win over voters ahead of crunch local elections.
Launching his party's campaign ahead of the contest on May 7, the prime minister took aim at Kemi Badenoch’s and Zack Polanski’s approach to the outbreak of war in Iran.
He says Mrs Badenoch and Nigel Farage wanted to “go straight in with both feet”, proving their “terrible judgement”.Turning to the Greens, he says a government ran by Mr Polanski would leave Britain “weak and exposed”.
People using Iran conflict to 'whip up even more division', says Starmer
11:20 , Alex RossSir Keir Starmer talks up “Labour values” and hits out at those who would use the conflict in Iran to “whip up even more division” in the UK.
He touts the government’s policies as showing it is an administration that “bears down on the cost of living”.
He says: “Some will use, sadly, the conflict in Iran to whip up even more division in our country and our society.
“If you can believe it, they barely need a reason. We saw Nick Timothy at it last week complaining about Muslims praying in public.
“We see so many examples, but people will use this to try and tear the country further apart.
“It’s really important that we assert our Labour values here, as we go into campaign, our Labour values about how we bring people together, how we understand the importance of place and the pride that people put in the place that they come from.”
'We'd be left so weak' under Polanski, says Starmer
11:15 , Alex RossSir Keir Starmer criticises the Green Party and its leader Zack Polanski as he says Britain would be “weak and exposed” if he, Nigel Farage or Kemi Badenoch was in government.
He says: “Then you’ve got Polanski. He thinks that with a war on two fronts, now is the time to give up our Nato membership, now is the time to start negotiating with Putin over our nuclear deterrent.
“We’d be left so weak and so exposed if any of those individuals were in government, and it’s really important therefore that we stick to our principles, stick to our values and show the leadership that’s needed in a time like this.”
Starmer says UK would be 'in a war with no plan' if Tories or Reform were in charge
11:03 , Alex RossThe UK would “be in a war with no plan” if the Conservative or Reform UK leaders were in charge, Sir Keir Starmer claims
Referring to the conflict in the Middle East, he says: “This is not our war and we are not going to be dragged into it.
“Yes, of course, we will defend British lives and British interests in the region, will stand by our allies in the Gulf region, but we’re not going to get dragged in.”
Sir Keir also says: “What a contrast if you took Kemi Badenoch or Nigel Farage. What did they want to do?
“They wanted to go straight in with both feet into the war without thinking through the consequences.
“Now, they’re in opposition, maybe that doesn’t matter very much, but it’s terrible judgment, because taking your country to war is the single most important decision a prime minister can ever take, and if they had been in Government, we’d be in a war with no plan.”
Sir Keir Starmer warns May’s local elections are set to take place against an “uncertain” backdrop.
Sir Keir says MPs and election candidates were “fighting for Labour votes, for Labour values and Labour pride in whatever place you come from across the country, so important as we build a Britain for all”.
He continues: “The backdrop to these elections is uncertain.
“We’re facing a war on two fronts – the Ukraine war, now four-and-a-bit years in, and let’s salute the bravery of Ukrainians over so many years, both on the front line and the civilians as they fight for the values that matter.
“And now the other front, the other war, which is the Iran war, which I know is causing huge concern.
“People look at their screens and they’re worried when they see explosions, infrastructure blown up, the rhetoric that goes with it, worried about whether this is going to escalate even further.”
Starmer declares ‘this is not our war’ as he kicks off local election campaign
10:53 , Athena StavrouSir Keir Starmer has kicked off his local election campaign by once again declaring he will ensure Britain is not “dragged into” Donald Trump’s war on Iran.
Speaking at a launch event in Wolverhapmton, he described the backdrop to the May 7 elections as “uncertain”.
“People look at their screens and they worry when they’re looking at explosions, infrastructure blown up, and the rhetoric that goes with it. Worried about if this is going to escalate even further.”
He added: “It’s really important that I reiterate where I stand and where this government stands, because this is not our war and we are not going to be dragged into it….that’s my values, that’s my principles and that’s what we’ve applied to our decisions whatever the pressure and whoever its coming from.”
Starmer ready to start Labour's local election campaign
10:46 , Athena StavrouSir Keir Starmer is about to kick off Labour’s make-or-break local election campaign as he seeks to rally voters, and his own party behind him.
Labour is bracing for heavy losses at the polls this spring as the party continues to lose voters to both Reform on the right and the Greens to the left, in a blow which could spell the end of Sir Keir’s leadership.
The prime minister is at a launch event in Wolverhampton this morning, speaking to an audience full of his cabinet colleagues in a show of support.
Speaking ahead of the prime minister, Labour’s deputy leader Lucy Powell praised Sir Keir, said she was “immensely proud” of Sir Keir and his decision “not to follow blindly” into Donald Trump’s war on Iran.
Diesel price disparity hits new high
10:17 , Alex RossThe price difference between diesel and petrol has reached the highest level since at least 2003 as the Iran oil crisis deepens, new figures show.
Latest data from motoring services company the RAC shows the average price of a litre of diesel at UK forecourts rose to 179.9p on Sunday, 28.5p more than petrol (151.4p).
UK oil refineries are more geared towards producing petrol than diesel, so the country’s supply of the latter is more reliant on imports.
Oil prices – which have a significant effect on the cost of wholesale fuel – have soared in response to Iran’s stranglehold on tankers passing through the Strait of Hormuz, sparking rising pump prices.
Motoring research charity the RAC Foundation warned it is the biggest price disparity between diesel and petrol since at least 2003, and possibly ever.
Latest DVLA figures show there were 16.2 million diesel vehicles licensed in the UK as of the end of September last year.
What will Starmer discuss with business leaders today
10:06 , Alex RossBosses from energy, shipping and banking firms will meet Sir Keir Starmer this afternoon.
Oil prices spiked after Donald Trump said he was considering a military operation to seize Iran’s Kharg Island, a crucial part of the country’s export infrastructure.
The Downing Street discussions will involve representatives from energy firms Shell and BP, shipping giant Maersk, maritime insurance specialist Lloyd’s of London and banks HSBC and Goldman Sachs.
The meeting will also hear an update on the situation in the region from Major General Richard Cantrill, the UK’s maritime operations commander.
Downing Street said the aim of the meeting was to hear directly from businesses and discuss how the government and private sector can work together in responding to the conflict.
Reeves is ‘oblivious’ to the Iran war cost of living crisis, says Badenoch
09:58 , Alex RossRachel Reeves has been accused by Kemi Badenoch of speaking “managerial mush” and being “oblivious” to the cost of living crisis facing millions of Britons.
The Conservative leader spoke out in response to an article by the chancellor published in The Independent in which she said “costs for working people are coming down” as a result of her policies.
Ms Badenoch said Ms Reeves’s claim was “politically tone-deaf” with regard to the daily struggle to make ends meet faced by ordinary families.
It was “classic Rachel Reeves, far too pleased with herself,” wrote Ms Badenoch in her response in The Independent.
But the Tory leader dismissed Ms Reeves’s words as “managerial, bureaucratic mush.”
Read more here:
Reeves is ‘oblivious’ to the Iran war cost of living crisis, blasts Kemi Badenoch
Expect rising prices in coming weeks, British consumers warned
09:50 , Athena SravrouBritish consumers have been warned to expect rising prices in the coming weeks and months as small businesses face “hugely concerning” energy costs.
War in the Middle East has seen oil and gas prices soar, amid Iran’s ongoing blockade of the Strait of Hormuz.
Small business leaders have warned they are now facing a “cost stack” comprising of these rising energy prices, alongside changes in government tax and employment policies.
Executive director of the federation of small businesses, Craig Beaumont, told Sky News the rise in fuel costs is a “huge concern”.
“It’s quite hard to see a scenario without rising prices. So diesel in particular for small businesses, they use vans to get around, we estimate that will increase their costs right now by about 15 per cent, so that has to come out of somewhere.”
'White House rhetoric is now falling on deaf ears'
09:48 , Alex RossWe’re now a week on from when US president Donald Trump announced that talks were taking place with Iran’s leaders to end the war in the Gulf.
On Sunday, Mr Trump insisted that talks were progressing ‘very well’ after he sent a 15-point action list of demands via mediators.
But hopes of the war ending, and the Strait of Hormuz reopening to ease the strain on oil shortages, appear to have not convinced the markets, with oil prices rising again on Monday.
Richard Hunter, head of markets at Interactive Investor, said: “White House rhetoric is now falling on deaf ears, and only signs of concrete actions are likely to arrest the slide across most asset classes.
“As the war lingers, so the cost and time of reversing the damage will increase, likely meaning that the oil price could remain elevated for a longer period of time, increasingly inflationary pressure globally.”
'Real risk' the UK could face fuel shortage
09:35 , Alex RossAs Sir Keir Starmer prepares to hold talks with Britain’s largest energy suppliers on Monday, he faces growing concerns over fuel shortages due to the war in the Middle East.
However, up to now, ministers have attempted to ease any panic, insisting the the UK does have adequate supplies of diesel and jet fuel. On Monday morning, environmental minister Emma Reynolds said people did not need to ration their food.
But speaking to the BBC’s Sunday with Laura Kuenssberg programme, Ellen Fraser, an energy expert at the consultancy Baring, said: “Yes, there is a real risk of the UK effectively running short. We’re relatively dependent on flows from the strait for jet fuel, particularly, and for diesel as well. We don’t hold huge stocks in the UK, then actually those can run down reasonably quickly. So that is effectively where the UK is most vulnerable.”
Oil prices up more than 3% on Monday
09:09 , Alex RossOil prices have risen again to remain firmly at levels not seen since 2022 amid waning hopes of a quick resolution to the Iran war as the conflict entered its fifth week.
The cost of Brent crude lifted more than 3% to 117 US dollars a barrel at one stage in Monday morning trading amid continued attacks by the US and Israel on Iran, and with the Iranian-backed Houthi rebels entering the war on Saturday with its first missile attack.
London’s FTSE 100 Index opened the week on a firmer footing, edging 0.2% higher, up just over 22 points at 9989.56.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Doubts over a quick resolution have grown after Iran backed Houthi militants stepped up attacks in the region, and the US moved additional troops closer to the conflict.”
Badenoch's plan to 'get Britain drilling' would have little impact, claims expert
08:55 , Alex RossLater today, we’ll be hearing from the Tory leader Kemi Badenoch as she travels to Averdeen to repeat her call for the UK to drill for more oil and gas in the North Sea.
She has said: “By drilling in the North Sea and scrapping Ed Miliband’s crazy green taxes, our cheap power plan would reduce bills by £200 for everyone.”
However, her claim has been disputed by some experts, including Dr Simon Cran-McGreehin, head of analysis at the Energy and Climate Intelligence Unit.
He said: “Experts are clear that more North Sea drilling would have little if any impact on gas prices in the UK given that international events largely dictate the price. Anyone paying a gas bill after the Russian invasion of Ukraine knows that. British renewables enable the UK to unplug from this volatile international energy system, with wind lowering the wholesale power price by around a third last year.”
'The markets aren't falling for Trump'
08:47 , Karl Matchett, business and money editorPresident Trump might be suggesting - again - that negotiations are going well and a deal could be brokered with Iran soon, but the markets aren't falling for it this time.
Brent crude is up by more than 12% over the past week, sitting a little under $110 this morning and we're approaching the point where this is getting economists extremely worried.
That's not about the price of oil, of course, but it's knock-on effects: inflation and given where some places are economically (poor employment rates, central banks not in a position to loosen, stagnant economies) the real possibilities of recession.
The FTSE 100 has started the week in marginally positive territory, up 0.2 per cent, but is now up only 0.5 per cent for the year so far having previously been flying pre-Iran.
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'The world still hasn't grasped the severity of the situation'
08:45 , Alex RossFinance and business publication Bloomberg yesterday published a story based on interviews with oil and gas traders, executives, brokes and shippers, in which it provided an assessment on the Iran war on the supply of oil and gas across the world.
It featured a ticker that showed the number of barrels lost to the effective closure of the Strait of Hormuz in the time the article was being read; 26,500 barrels in three minutes.
The experts told the publication that if the crisis lasted more than three months, it would become a “systemic problem for the world”, leading to huge oil shortfall in the western world, as is already being seen in Asia.
The piece states: “The world still hasn’t grasped the severity of the situation.... fuel crunches hitting Asia will soon start spreading west, they [experts] said.”
It's not just the oil - how impact on movement of fertiliser could impact UK
08:33 , Alex RossThe price of oil has taken the headlines with motorists in the UK already seeing the impact at the fuel pumps.
But another product impacted by the effective closure of the Strait of Hormuz is fertiliser, with about a third passing through the waterway.
What does this mean?
Food experts fear this could lead to a hike in food prices as farmers may be unable to produce the quantity of food compared to previous harvests.
Carl Sakau, deputiy executive director of the World Food Programme,, told the Observer: “It this conflict continues, it will send shockwaves across the globe.
“Families who already cannot afford their next meal will be hit the hardest.”
Rachel Reeves to meet G7 finance ministers
08:13 , Holly EvansMonday is also expected to see Chancellor Rachel Reeves join a virtual meeting of G7 finance and energy ministers and central bank governors along with Energy Secretary Ed Miliband.
Ms Reeves is expected to urge her counterparts to follow the UK’s lead and accelerate the transition away from fossil fuels, arguing this is the only way to get off the “rollercoaster” of international oil and gas markets and cut bills for good.
She is also expected to caution against resorting to protectionism as a response to disrupted supply chains and stress the importance of the G7 working together to maintain pressure on Russia, which is set to benefit from the higher oil price.
Minister denies that people will need to ration food as a result of Iran war
08:06 , Millie CookeA government minister has denied that people will need to ration food as a result of soaring prices following the war in the Middle East.
Environment minister Emma Reynolds told Sky News: "Look, we are not asking people to ration when it comes to food. Supply of food is as normal, just as the supply of petrol is. So no, we're not asking people to change their behaviour."
She added: "Obviously, if we did see further increases in energy prices that has an impact, that could have an impact on food inflation, that's what we saw with the Ukraine conflict.
“So we're keeping a very, very close eye on that. We're not complacent about any of these things."
Kemi Badenoch to repeat calls to drill for fossil fuels in North Sea
08:03 , Holly EvansConservative leader Kemi Badenoch will travel to Aberdeen on Monday to repeat her call for the UK to drill for more oil and gas in the North Sea.
The Conservatives have also called for a cut in VAT on domestic energy bills and the scrapping of green taxes on power generation, saying these measures will cut bills by £200.
Ahead of her visit, she said: “I know families and business owners across Britain will be very worried about how the global energy crisis will impact them. That’s why I find it appalling that Labour’s solution is to tax working people to fund a bailout for those on benefits.
“By drilling in the North Sea and scrapping Ed Miliband’s crazy green taxes, our cheap power plan would reduce bills by £200 for everyone.”
But speaking to the BBC’s Sunday With Laura Kuenssberg, Mrs Badenoch acknowledged that drilling on its own would not directly impact bills.
Government preparing 'for all eventualities' when it comes to energy supply
07:56 , Millie CookeThe government is "preparing for all eventualities" when it comes to energy supply, a minister has said, but insisted that people do not need to "change their habits".
Asked whether the government is preparing for further energy price spikes as a result of the Iran war, environment secretary Emma Reynolds told Sky News: "Supply at the moment remains stable, but obviously we've got to prepare for all eventualities.
"We hope very much that this conflict can be deescalated, and we're leading international work with allies around that. But we obviously we have to plan in case that's not the case, which is why the prime minister, as you say, is meeting with leaders from energy companies and indeed, shipping and logistics today.
"But that is to make sure that we work constructively with the industry. We want to make sure there isn't any market abuse, of course, but we also need to prepare for all eventualities."
She added: "I want to just reassure your listeners that supply is stable. So we're not advising that people change their habits, they should fill up at the petrol pump as usual, and the price cap will affect people until the end of June."
Prime minister to meet business leaders in No10
07:48 , Holly EvansSir Keir Starmer will gather business leaders in Downing Street on Monday to address the impact of the Iran war.
The Prime Minister is expected to meet senior representatives from the energy, shipping and financial services industries amid warnings the UK could suffer serious economic damage as a result of the conflict.
Discussion is expected to focus on Iran’s ongoing blockade of the Strait of Hormuz, which has disrupted a vital shipping route for the oil and gas industry along with supplies of other products such as fertiliser.
The meeting will also hear an update on the situation in the region from Major General Richard Cantrill, the UK’s maritime operations commander.
It comes after the Royal Navy announced it was fitting the transport ship RFA Lyme Bay with minehunting drones, understood to be a move intended to provide ministers with options for securing the strait once the situation stabilises.
Downing Street said the aim of the meeting was to hear directly from businesses and discuss how the Government and private sector can work together in responding to the conflict.
