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Keir Starmer will lead talks on the economic fallout of the Iran crisis amid renewed calls from dozens of nations to reopen the Strait of Hormuz. The UK prime minister will convene the meeting of the Middle East Response Committee with ministers and representatives from the Bank of England on Tuesday to discuss the ongoing economic impact of the war. Ministers are expected to gather in one of the Cabinet Office briefing rooms. The government previously warned that the economic impact could last for eight months after the war’s end. The meeting comes amid international calls at the United Nations on Monday to reopen the critical shipping lane. Foreign Office minister Stephen Doughty told the Security Council US President Donald Trump and Starmer had this week ‘discussed the urgent need to get shipping moving again’. ‘This crisis is not just affecting international shipping, it is driving up costs and sending shockwaves throughout energy markets and supply chains far beyond the region with impact for all of our citizens, our communities and their cost of living,’ he said. ‘So, we must get the Strait reopened fully and unconditionally.’ The prime minister previously said the response to the economic and political shock from the war, which has strained transatlantic relations with the US, ‘will define not just this government but arguably this generation’. Oil prices hit a near three-week high on Monday after hopes of progress on peace negotiations collapsed. Starmer told the Cathy Newman Show on Sky News the strait’s closure would have an ‘impact on the UK’ but pointed to measures to shore up supplies. He said: ‘At the moment, we’re confident about supply. We have reopened a CO2 plant in the North East. ‘Airlines are telling us that they’ve got enough jet fuel at the moment.’ But, he added ‘we’ll see how long the conflict goes on’. Talks between the US and Iran had been expected to take place in Pakistan before Trump declared envoys from Washington would no longer be travelling to Islamabad due to a lack of progress with Tehran. On Monday, Iranian officials offered to end the country’s closure if the US lifted its blockade, ended the war and postponed nuclear talks, a proposal Trump seemed unlikely to accept. US Secretary of State Marco Rubio later told Fox News that Iran’s nuclear programme is a ‘core issue’ that must be addressed. By Jessica Coates, Press Association Press Association: Finance source: PA Copyright 2026 Alliance News Ltd. All Rights Reserved.
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