US president Donald Trump has insisted that a surge in fuel costs is a “small price to pay” as Sir Keir Starmer has vowed to protect Britons from the rising oil crisis.
The price of oil has soared above $100 a barrel for the first time since 2022 after the US and Israel launched airstrikes towards Iran last Saturday, causing widespread conflict in the Middle East.
On Monday, the prime minister said he was focused on “supporting working people and their families with the cost of living is always top of my mind”.
G7 nations will meet later on Monday to discuss surging prices and whether to conduct a joint release strategic oil reserves to ease pressure on markets.
Communities secretary Steve Reed said the government is “keeping a very close eye” on oil prices as it remains unclear “how long the situation in the Middle East will go on for.”
However, he would not commit to promising the government would be able to keep its pledge to slash £300 a year off household energy bills by 2030.
