UK Prime Minister Keir Starmer and US President Donald Trump have agreed on the urgent need to reopen the Strait of Hormuz following escalating tensions in the Middle East.
In a recent call, both leaders stressed that restoring access to the vital shipping lane is critical for stabilising global energy markets. Traffic through the strait has reportedly dropped by around 95% since the conflict involving Iran intensified on 28 February.
The Strait of Hormuz is one of the world’s most important energy corridors, with about 20% of global oil and liquefied natural gas passing through it. The disruption has already driven crude oil prices up by 45%, raising concerns about rising living costs worldwide.
Downing Street confirmed that both leaders will remain in close contact as the situation develops. Meanwhile, Starmer is set to chair a high-level Cobra emergency meeting to assess the economic impact of the crisis, including rising fuel costs and supply chain disruptions.
The meeting will include key officials such as the governor of the Bank of England, alongside senior ministers responsible for finance, foreign affairs, and energy.
Tensions have further escalated after Trump warned that the US could take strong action if the strait is not reopened, while Iranian officials have threatened retaliation against US-linked energy sites in the Gulf region.
The UK government is now exploring measures to protect households and businesses from the economic fallout, particularly as fears grow over inflation and increased energy prices.
The crisis underscores the global impact of the Middle East conflict, with governments racing to prevent further disruption to critical energy supplies.
