𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Economic chaos caused by the war against Iran could continue long after the conflict ends, Sir Keir Starmer has warned. And he suggested this could mean higher energy prices in the autumn and winter, although the Government is drawing up contingency plans that may help.

Speaking in Downing Street, Sir Keir said that the Strait of Hormuz, a vital waterway in the Gulf used by the energy industry, may not fully reopen even after the US and Israel end their military campaign. And he said the public may be able to cope with higher energy bills over the summer, but suggested prices could remain high going into the autumn.

The Prime Minister said energy bills were currently coming down. But looking to the future, he said: “Obviously, we’re working through contingencies.

“A lot of it will depend on how long the conflict goes on, and how quickly the Straits are opened, because it’s very difficult to assess at the moment what might be needed, say in the winter, until we know the answer to that question.”

“So we are looking at a number of contingencies. I think it’s important to point out that whilst there will always be a concern about energy bills, people will really worry when it gets to the autumn energy bill, because the summer bill, which is the next one, tends to be about 7% of the energy people use.

”That doesn’t mean they are not worried about it, but most people will be looking to the one that comes when it gets colder later in the year.”

Iran has prevented the use of the Strait of Hormuz by attacking merchant vessels.

Sir Keir said the UK had brought together 35 nations to push for “maritime security across the Gulf” and reopen the Strait.

He said: “I can announce that later this week the Foreign Secretary will host a meeting that brings those nations together for the first time, where we will assess all viable diplomatic and political measures we can take, to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities.”

He also suggested the military could become involved, saying: “We will also convene our military planners to look at how we can marshal our capabilities and make the Strait accessible and safe after the fighting has stopped.”

It is unclear what role the US will play, after US president Donald Trump said this week that other nations could “go get your own oil”.