Sir Keir Starmer is set to hold an emergency Cobra meeting in a matter of hours as the UK's last known shipment of jet fuel from the Middle East approaches.
The Prime Minister confirmed to GB News yesterday the meeting will "look at the economic impacts of the war" - which Donald Trump has confirmed could end without the reopening of the Strait of Hormuz.
Sir Keir said the meeting will aim to "make sure that everything we need to have in place, everything is monitored and audited properly".
But despite the President's claims, Sir Keir also stated reopening the Strait of Hormuz would be "single most effective way to bring energy prices down."
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US Secretary of State seemingly agreed with the PM's stance, insisting the Strait will be kept open "one way or another" and that US war objectives could be achieved "in weeks, not months".
President Trump took to social media on Tuesday, urging allies, and directly addressing the UK, to reopen the Strait of Hormuz on their own.
"Go to the Strait, and just TAKE IT," he wrote, before adding: "Go get your own oil!"
The emergency Cobra meeting come as fuel prices are still sitting at $107 (£81.03) a barrel amid the continued closure of the pivotal strait.
Sir Keir Starmer is set to hold an emergency Cobra meeting in a matter of hours as the UK's last known shipment of jet fuel from the Middle East approaches
|GETTY
This represents an increase of more than 45 per cent since the war started on February 28.
Britain is also expecting its last known vessel containing jet fuel from Saudi Arabia on Thursday, according to Kpler and Vortexa.
No other shipments destined for the UK has managed to make it through the Strait. The UK is currently sourcing at least half its jet fuel from the Middle East.
Last week, jet fuel was $4.24 (£3.21) a gallon. In comparison, before the first US-Israeli strikes on Iran on February 28, prices sat at $2.50 (£1.89) per gallon, according to the Airlines for America group.
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The Strait of Hormuz remains shut amid the ongoing war
|REUTERS
The PM had told business chiefs in Downing Street on Monday to pitch in with a "joint effort" to tackle the impact of the war, saying the Government "can't do it on its own".
"The Government can’t do it on its own. You can’t do it on your own," he told the room of executives from firms such as Shell, BP, HSBC, Goldman Sachs and shipping giant Maersk.
"We’re going to have to work together on this."
While Australia, Spain and Poland have all cut fuel duty to minimise the impact of the war, Labour show no sign of introducing any such short-term measure.
Avation expert Alex Macheras said jet fuel prices have more than doubled in three weeks.
"A serious jet fuel shortage is less than a week away across multiple different markets, including at some major European airport hubs - who are informing airlines to prepare for a potential 'no-fuel available here' scenario," he said on social media.
"This is not a Europe problem - international airlines from Asia, South America, Africa etc are working on contingency plans which include attempted fuel stops en route to/from destination as jet fuel shortage worsens to unprecedented levels and the price continues to surge."
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