Keir Starmer to chair emergency Cobra meeting today as Iran war enters 'dangerous phase'

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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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.