The British PM spoke with the US president overnight about the need to stabilise global energy markets after oil prices surged due to the war
Iran vows to destroy Middle East water and energy facilities if US attacks power plants
British prime minister Keir Starmer is set to chair an emergency meeting on the economic fallout from the war in Iran on Monday, with chancellor of the exchequer Rachel Reeves and Bank of England governor Andrew Bailey also attending, the UK government has said.
Financial markets face another turbulent week after Iran said it would strike its Gulf neighbours’ energy and water systems if Donald Trump followed through on his threat to “obliterate” Iran’s power plants if it doesn’t fully open up the crucial strait of Hormuz.
The UK is watching with particular unease, Reuters reports. The country’s heavy dependence on imported natural gas, persistently high inflation and stretched public finances have pushed its government bonds into a far steeper decline than those of international peers.
