Sir Keir Starmer will convene an emergency Cobra meeting today following a call with Donald Trump to discuss reopening the Strait of Hormuz.
In a conversation on Sunday night, the Prime Minister and the President agreed reopening the strait was "essential" to stabilise a global energy market that had seen oil prices rocket since the United States began a joint campaign with Israel against Iran.
The 20-minute call, described by sources as "constructive", followed a week in which the Republican heavily criticised the Labour leader's response to the crisis amid the White House's demand for other nations to send ships to the Middle East.
Other countries have so far resisted his demand, with the UK thought to be unlikely to send vessels because of the high level of risk in the strait and an unwillingness to be drawn into the wider war.
But Tehran’s unsuccessful attempt to strike the UK-US base on Diego Garcia with ballistic missiles has raised concerns much of Europe could be within range of Iranian weapons.
While the strait remains effectively closed to most shipping, the impact on the global energy market and the global economy is set to escalate the cost of living crisis that is already blighting Britain's poorest.
Investor Strategist at Saxo Markets Neil Wilson said: "The war is entering a new phase of escalation and markets are finally starting to wake up to the gravity of the potential for long-term impact on energy markets.
"Developments over the weekend mean we are entering a new and very dangerous phase for financial markets."
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Labour minister says attack on Golders Green Ambulance is an 'attack on all of us'
Housing Minister Matthew Pennycook has said the attack on Jewish ambulances in Golders Green is an "attack on all of us."
He told GB News: "This is a deeply shocking and deeply saddening to hear about. This is a volunteer community ambulance service, and the wider community will be feeling concerned about the situation.
"This is a live investigation so I do not want to speculate on who carried out the attacks or their precise reasons but every indication this is an anti semitic crime,
"If that is the case it would be not just an affront to the Jewish community but it is an attack on all of us and our way of life. There should be no place in British society for anti-Jewish hatred of any kind.
Ftse 100 plunges and borrowing costs rise as Donald Trump ultimatum over Strait of Hormuz sends oil price surging
Global stocks fall sharply while borrowing costs rise as Middle East tensions escalate | GETTYGlobal financial markets fell sharply on Monday after President Donald Trump issued a 48-hour deadline for Iran to reopen the Strait of Hormuz, triggering volatility across equities, oil and bond markets.
Brent crude surged past $113 per barrel, remaining below the recent conflict peak of $119, as the vital shipping route stayed closed amid ongoing hostilities.
The strait handles roughly a fifth of global oil supplies, heightening concerns about energy disruption and inflation.
Our money reporter Joe Sledge has the full story here.
Nigel Farage says Golders Green ambulance attack is part of 'rising tide of hate'
Nigel Farage has said the attack on Jewish community ambulances in Golders Green is part of a "rising tide of hate".
The Reform UK leader said: "The horrible attack on volunteer ambulances is part of a rising tide of hate against Jewish communities in Britain.
"As I write, more undocumented young men are crossing the Channel. Many will be from Iran, we have an open door to potential enemies."
Reform's Education spokeswoman and former Home Secretary Suella Braverman said: "Let’s call this what it is: terrorism. Two tier policing, failure to ban the hate marches and a tolerance of antisemitism have led us to this.
"Spineless governments, Tory and Labour, have utterly failed to stop the poison of extremism from spreading on our streets. Sick of it."
Zack Polanski 'horrified' by Jewish ambulance attack in Golders Green
Zack Polanski has condemned the overnight attack
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Zack Polanski said he was "horrified" by the overnight attack on Jewish ambulances in Golders Green.
The Green Party leader said: "Antisemitism is vile and has no place here.
"Solidarity with the Jewish community in Golders Green and with our communities across the country who will be feeling this today."
Shabana Mahmood thanks emergency services as she condemns Golders Green Jewish ambulance attack
Shabana Mahmood has thanked the work of emergency services as she condemned the attack on ambulances in Golders Green.
The Home Secretary said: "I am appalled at the arson attack on ambulances in North London overnight. Anyone with knowledge of this horrific incident should contact the police.
"My message to our Jewish community is clear, we stand with you against the unacceptable scourge of antisemitism.
"My thanks to the professionalism of the emergency responders tackling the blaze."
Senior Conservative condemns 'horrendous incident' in Golders Green
Robbie Moore appearing on GB News this morning to discuss the attack in Golders Green
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A senior Conservative has condemned the attack on Jewish community-led ambulances in Golders Green as a "horrendous incident."
Shadow Environment Minister Robbie Moore told GB News: "Quite rightly, the police are looking at this being an antisemitic attack.
"It is deeply concerning and I hope there will be the right action that is taken. Police are currently looking to get to the facts of the case so we can provide ultimately reassurance to the Jewish community.
"We need to make sure community tensions are eased after what seems to be a horrendous attack.
"It's not just in Golders Green where that level of concern has been raised we have seen this across the country. The Government do need to focus on providing that level of reassurance."
Union chief demands emergency taskforce to tackle economic fallout of the US-Iranian conflict
Unions are calling for an emergency taskforce, learning from the lessons of the Covid pandemic, to help protect the UK from the economic fallout of the US-Iranian conflict.
The TUC said ministers should urgently bring together employers and unions to discuss plans and contingencies amid rising energy prices.
Dealing with the crisis requires a "national, urgent and collaborative" approach across a range of sectors, said the union body.
The TUC said a similar collaborative approach is needed to shield workers and businesses from the economic shock of the current conflict.
Soaring costs, particularly in energy-intensive industries, are already threatening thousands of jobs, it was warned.
TUC general secretary Paul Nowak said: "The lessons from the pandemic are clear. When unions, employers and government came together we were able to move at speed to protect jobs, keep businesses afloat and give families security through an incredibly uncertain time.
"With the UK and global economy now facing huge shocks from the conflict in Iran, we need that same approach again.
"We can’t afford to sit back and wait for the damage to be done. We need to get around the table and get ahead of this crisis."
Keir Starmer condemns Golders Green ambulance attack as 'deeply shocking'
The scene from the car park in Golders Green
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Sir Keir Starmer has condemned the attack on Jewish community-run ambulances in Golders Green, calling it "deeply shocking".
The Prime Minister said: "My thoughts are with the Jewish community who are waking up this morning to this horrific news. Antisemitism has no place in our society.
"Anyone with any information must come forward to the police."
Mayor of London, Sir Sadiq Khan added : "This is a cowardly attack on the Jewish community.
"I am in close contact with the police who are stepping up patrols in the area, and I urge anyone with information to come forward. Londoners will never be cowed by this kind of hatred and intimidation."
Here's what's happening today in Westminster
Good morning and Happy Monday from all of us on the GB News Politics team. Here's what's happening today in Westminster and beyond.
Breaking in the last few hours, Health Secretary Wes Streeting has strongly condemned the overnight attack on Jewish community-run ambulances in Golders Green, calling it "sickening."
Housing Minister Matthew Pennycook will be joining us on GB News to talk about plans for seven new towns to be built across England, with the locations revealed. Our reporter Peter Stevens has the full story here.
We'll also be joined by Shadow Farming Minister Robbie Moore this morning, who is leading a debate into an e-petition relating to access to court and tribunal transcripts later today.
Also in Westminster today, Lib Dem MP for Caithness, Sutherland and Easter Ross Jamie Stone will be holding a debate on an e-petition relating to the clinical trial into puberty blockers.
Meanwhile, Reform UK is having yet another local elections launch, with party leader Nigel Farage and Chair Dr David Bull holding a rally in Ipswich this evening.
Transport Secretary Heidi Alexander is also set to announce a "reset" of HS2, with Politico reporting the speed of its trains could be reduced.
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