Prime Minister Sir Keir Starmer is set to convene an urgent COBRA meeting on Monday to address the economic fallout from the ongoing conflict in Iran.

The move comes amid growing concerns over rising fuel prices, which threaten to intensify the cost of living pressures across the country. In response, the Government’s cost of living tsar has proposed a temporary limit on the profits of petrol retailers and energy companies to prevent them from profiting excessively during the crisis.

Officials are expected to discuss strategies to stabilize energy supplies and support households facing higher expenses as international tensions continue to disrupt oil markets.