Sir Keir Starmer, the Prime Minister of the United Kingdom, is set to convene an emergency meeting of the Cobra committee on April 28 to discuss the economic implications of the ongoing conflict in Iran. Starmer highlighted that the economic fallout could persist for an extended period, evident in rising petrol prices across the UK. The meeting will include key representatives from the Bank of England to assess the situation. Oil prices have recently surged to nearly $108 per barrel, following the collapse of peace negotiations between the US and Iran. Starmer assured attendees at the Usdaw union conference in Lancashire that the government has capped household energy costs until July, despite the uncertain geopolitical climate. However, there is a scheduled increase in fuel duty starting in September, which has faced backlash from political opponents demanding action on fuel costs. The ongoing crisis has raised concerns about the stability of oil supplies, particularly through the crucial Strait of Hormuz, which carries a significant portion of the world's oil.