Sir Keir Starmer reassured the public about the potential economic impact of the Iran conflict but acknowledged that adjustments in shopping habits and holiday plans might be necessary. Leading a ministerial meeting on the Iran crisis, the Prime Minister expressed confidence in current supply chains.

Efforts are underway to reopen the vital Strait of Hormuz, which has been closed due to Iran’s actions. A joint military mission by the UK and France is planned to secure shipping routes, pending the cessation of hostilities.

Sir Keir emphasized the ongoing impact on the UK and the importance of reopening the strait to mitigate consequences. He highlighted the continuous assessments by government officials to manage the crisis, noting the reopening of a CO2 plant and airlines’ current jet fuel supplies.

While supply confidence remains, the duration of the conflict will determine future impacts. Sir Keir mentioned the possibility of people altering their behaviors, such as holiday destinations and shopping choices, in response to prolonged disruptions.

In a message to the public, Sir Keir urged against panic, stressing the government’s decision not to engage in the conflict while prioritizing British citizens’ protection from its effects. The Middle East Response Committee will convene to address the crisis fallout, with senior ministers and Bank of England representatives in attendance.

As oil prices surged following dashed peace talks hopes between the US and Iran, negotiations faced setbacks, leading to heightened market volatility. Despite an extended ceasefire, permanent resolution discussions are ongoing, and the Strait of Hormuz remains a critical issue.

Sir Keir reiterated government measures to support households, including capped energy costs and frozen fuel duty, to alleviate the impact of the crisis on citizens.