Sir Keir Starmer is set to address the British public from Downing Street on Monday as the Government moves to contain the economic fallout from the ongoing closure of the Strait of Hormuz, which has pushed oil prices above $100 a barrel and kept them there across the weekend.
The Prime Minister’s statement will seek to reassure households facing sharply rising energy costs, with Starmer expected to frame the moment as a test of the Government’s priorities. “It’s moments like this that tell you what a Government is about,” he is expected to say, adding that supporting working people through the cost of living crisis represents his “first instinct” and “first priority.”
The address comes as the Government announced targeted financial support for 1.5 million households that rely on heating oil — a fuel whose cost has risen by 80 per cent in the space of a single week. Chancellor of the Exchequer has confirmed that Treasury officials have identified funding to subsidise oil costs, with those measures set to be directed at the most vulnerable households rather than applied universally.
The announcements follow a call from US President Donald Trump at the weekend for NATO allies to assist in efforts to reopen the Strait of Hormuz, the critical waterway through which a substantial share of the world’s oil supply passes. Its continued closure has been the primary driver of the sustained spike in global energy prices, with knock-on effects for household bills and broader economic stability across allied nations.
Britain has already deployed autonomous mine-hunting systems to the region and is in discussions about sending further assets, while Defence Secretary John Healey has maintained that resolving the underlying conflict remains the most effective route to reopening the waterway. The Royal Navy’s potential contribution to escort operations protecting cargo ships and oil tankers in the Strait has been described as still in its early stages, with no vessels yet formally prepared for that mission.
The scale of the domestic economic impact is expected to shape the Government’s response in the days ahead, with further measures likely to be considered should oil prices remain elevated. Monday’s statement from Downing Street will be closely watched for any indication of the longer-term support package the Government intends to put in place.
