The Prime Minister will hold a Cobra meeting on Monday afternoon.
In a 20-minute phone call, which sources described as “constructive”, the Prime Minister and US president agreed reopening the strait was “essential”. The conversation follows a week in which Mr Trump heavily criticised Sir Keir’s response to the crisis amid the president’s demand for other nations to send ships to open the strait.
Other nations have resisted Mr Trump’s demands, with the UK also thought to be unlikely to send vessels due to the high level of risk in the strait and an unwillingness to be drawn into the wider Middle East war. However Tehran’s unsuccessful attempt to strike the UK-US base on Diego Garcia with ballistic missiles has raised concerns that much of Europe could be within range of Iranian weapons.
While the strait remains effectively closed to most shipping, the impact on the global energy market and the global economy is set to continue. Following the blockade to the strait, oil prices have soared above 100 dollars per barrel, also sparking concerns over the disruption leading to fuel rationing.
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To address concerns, Sir Keir will convene his top ministers at a Cobra meeting on Monday afternoon. Chancellor Rachel Reeves, Foreign Secretary Yvette Cooper and Energy Secretary Ed Miliband are expected to join the meeting, as well as the governor of the Bank of England, Andrew Bailey.
It comes after the chief executive of Centrica, which owns British Gas, said on Sunday that global oil supplies are already down 20% because of the conflict and warned price rises were “inescapable”. However the Government has urged drivers not to panic-buy fuel, with Communities Secretary Steve Reed telling broadcasters on Sunday there is “no need” to ration fuel and the public should continue to fill up their cars “just like they always would”.
