Cabinet minister Steve Reed reassures the public not to panic about fuel shortages amidst the ongoing conflict in the Middle East. He emphasized the strength of the economy to withstand the challenges posed by the US-Israel conflict with Iran.

Reed’s statements coincide with the surge in oil prices, surpassing $100 per barrel due to the escalating tensions in Iran, leading to concerns about a potential energy crisis. Wholesale gas prices have also seen a significant increase, raising fears of higher costs for households, businesses, and governments.

In an interview with Good Morning Britain, Reed acknowledged the volatility in oil prices but highlighted the country’s stable economy’s ability to navigate through such uncertainties. He urged caution but assured that there is currently no fuel or gas shortage, with stocks at normal levels for this time of year.

Addressing the recent panic buying and long queues at petrol stations, Reed emphasized the government’s vigilance in monitoring the situation in the Middle East. He stressed the importance of staying informed and prepared for any developments that may require action.

Meanwhile, Chancellor Rachel Reeves is expected to participate in an emergency meeting with G7 finance ministers to address the concerns surrounding oil prices. US President Donald Trump downplayed the price hikes, considering them a minor sacrifice for global peace, as expressed on his Truth Social platform.

As discussions continue on the economic impact of the Middle East conflict, the government remains committed to closely monitoring the situation to ensure energy stability and address any potential challenges that may arise.