Keir Starmer will host a round table on Monday on the spiralling costs triggered by Iran's blockade of the Strait of Hormuz, a crucial shipping route for the world's oil and gas

Keir Starmer will haul in energy and shipping bosses to No10 for crunch talks on the economic fallout of the Iran war.

The Prime Minister will host a round table on Monday on the spiralling costs triggered by Tehran's blockade of the Strait of Hormuz, a crucial shipping route for around a fifth of the world's oil and gas. Energy chiefs from Shell, BP, Centrica and Equinor will attend, along with senior figures from shipping giants Maersk and CMA, and financial and insurance bosses from HSBC, Goldman Sachs and Lloyd's of London.

The meeting will also hear an update on the security situation in the region from Major General Richard Cantrill, the UK's maritime operations commander.

The US-Israeli war with Iran has driven up global energy prices dramatically and sparked fears of potential shortages of petrol. The blockade could also impact food supplies due to the impact on shipments of fertiliser from Gulf countries.

Britain is working with allies on plans to reopen the strait, which runs between Iran and the Arabian Peninsula. Donald Trump has fired off demands for allies to send warships to the region but Western countries have so far refused.

Royal Navy landing ship, RFA Lyme Bay, is due to be fitted with minesweeping drones in case it is needed to help clear the Strait of Hormuz. It will be kitted out with vital tech to enable it to act as a "mothership" for underwater drones and crewless minehunting boats.

However a deployment is unlikely until the situation stabilises, as insiders deem the risk from Iranian drones and missiles too great at present.

A defence source said: "Whilst no decisions have yet been taken on whether these capabilities will be sent to the Strait of Hormuz, this preventative step gives ministers options should they be needed to help resume the normal flow of merchant shipping."

As the conflict enters its fifth week, ministers are grappling with how to protect consumers from being clobbered by shortages and price hikes.

Education Secretary Bridget Phillipson sought to calm fears of petrol shortages, saying drivers should carry on as normal ahead of the Easter bank holiday weekend. She told the BBC: "I think it's really important to stress that production is being maintained, supply is being maintained.

"You don't have to take my word for it, you can look at the comments we've seen from the trade industry bodies but also people like the AA and the RAC.

"People should just carry on as usual. The Government will always plan for contingencies, that is always the right thing to do. But people should be reassured ahead of the Easter holidays just to carry on as things are."

Meanwhile, Chancellor Rachel Reeves will meet finance ministers and central bank governors on Monday to call for coordinated G7 action that strengthens supply, supports market stability, and protects the recovery.