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Starmer Acknowledges Concerns as Iran War Threatens to Impact Cost of Living

Sir Keir Starmer vows to shield UK households as oil prices hit $114 a barrel, with more than 32,000 Britons evacuated from the Middle East since March 1.

  • On Monday, Sir Keir Starmer pledged to protect Britons from the Middle East conflict's economic impact, saying supporting working people and families with the cost of living is a priority while officials work round the clock to keep citizens safe.
  • Asian markets plunged early on Monday as oil prices spiked to about 114 dollars a barrel, rising above 100 dollars for the first time since 2022.
  • UK forces engaged an attack drone fired from Iran to Iraq, while RAF Typhoons, F-35 jets, and a Merlin helicopter conduct defensive sorties, supporting evacuation efforts.
  • Most UK households will be protected short term by the energy price cap, yet rising oil prices will push petrol costs up and make the Bank of England unlikely to cut rates this month.
  • G7 finance ministers, including Chancellor Rachel Reeves, are expected to meet virtually on Monday to discuss a possible joint petroleum release with the IEA, after Starmer spoke to US President Donald Trump over the weekend about military co-operation.
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Starmer acknowledges concerns as Iran war threatens to impact cost of living

Sir Keir Starmer said: ‘No matter the headwinds, supporting working people and their families with the cost of living is always top of my mind.’

·London, United Kingdom
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The Independent broke the news in London, United Kingdom on Friday, March 6, 2026.
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