Trump threatened to pull the US from Nato amid a crisis at the Strait of Hormuz, saying severe action would continue until the waterway reopens. Tehran denied his claim of a truce. In London, Rachel Reeves condemned the lack of planning and warned of economic risks.

President Trump urged Britain to secure domestic energy, telling the UK to “get your own oil” and accelerate North Sea projects. His remarks came as pump prices topped £100 to fill a family car, with developers saying new gas fields could supply homes by winter if approved.

Analysis indicates the Treasury is receiving about £20m a day in extra revenue from energy taxes as high oil and gas prices lift VAT and the profits levy. But rising debt interest could absorb much of the windfall, limiting room for tax cuts or new spending.

Amid fears of petrol and diesel shortages, the PM will meet major fuel suppliers to secure stability. Ministers are preparing contingency plans and urging the public not to panic-buy, saying stocks remain adequate. Global tensions are disrupting shipping and pushing up prices.