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Sir Keir Starmer says 'Government can't do it on its own' in new Iran statement

Starmer urges collaboration with energy, shipping, and banking sectors as diesel prices in the UK rise 27% since February 28, amid Iran's Strait of Hormuz blockade.

  • On Monday, Prime Minister Keir Starmer hosted energy, shipping, and banking leaders at Downing Street, urging a "joint effort" to address the Iran war's economic fallout.
  • Tensions escalated following threats by U.S. President Donald Trump to destroy Iranian infrastructure unless the Strait of Hormuz remains "open for business," as Iran's blockade disrupts critical shipping routes.
  • Fuel prices have surged, with Brent crude lifting more than 3% to 117 dollars a barrel and UK diesel hitting 181.2p per litre on Monday, a 27% increase since February 28.
  • Senior ministers will attend a Cobra meeting on Tuesday to address the war's economic impact, as Starmer confirmed the government is "working on a viable plan for the Strait of Hormuz."
  • The International Monetary Fund warned that higher prices and slower growth appear inevitable, predicting the world may "settle somewhere in between" while cautioning that "inflation proves hard to tame.
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Starmer calls for ‘joint effort’ with business on Iran war economic impact

Bosses from oil firms, shipping companies and banks were invited to Downing Street for crisis talks.

·London, United Kingdom
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The Telegraph broke the news in London, United Kingdom on Monday, March 30, 2026.
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