Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined

Iranian parliament speaker says ‘no negotiations’ held with US, as Trump postpones energy strikes for five days; EC chief says war needs to come to negotiated end

Trump claims ‘productive’ talks with Iran but Tehran denies contact

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British prime minister Keir Starmer is set to chair an emergency meeting on the economic fallout from the war in Iran on Monday, with chancellor of the exchequer Rachel Reeves and Bank of England governor Andrew Bailey also attending, the UK government has said.

Financial markets face another turbulent week after Iran said it would strike its Gulf neighbours’ energy and water systems if Donald Trump followed through on his threat to “obliterate” Iran’s power plants if it doesn’t fully open up the crucial strait of Hormuz.

Topics expected to be covered are the economic impact of the crisis on families and businesses, energy security and the resilience of industry and supply chains alongside the international response.