Trump criticised Nato allies over the Gulf crisis. The UK has begun contingency planning and authorised the use of its bases for operations against launch sites threatening shipping, amid warnings that energy and borrowing costs could rise.

Iran issued a fresh warning over Gulf shipping, heightening fears of an energy crunch. Delayed cargoes and higher risk premiums lifted oil and gas prices. Ministers and suppliers warned of pressure on bills, urging calm while contingency measures and diplomatic channels are pursued.

Israel carried out a military operation against Iran’s South Pars gasfield, part of the world’s largest. The move pushed oil prices higher and prompted warnings of retaliation, raising concerns over energy security and the risk of wider regional instability.

UK sources say Geneva talks had brought a new Iran nuclear deal close, with tougher inspections and phased sanctions relief under discussion. A senior UK adviser noted the surprising progress, but a subsequent regional crisis halted the negotiations.