UK Chancellor: Talks with Iran Could Ease Oil Pressure

0:00On March 11, U.K. Chancellor Rachel Reeves called on the United States to start talks with Iran, saying ending the Middle East conflict is the fastest. Way to ease pressure on British families, speaking to lawmakers, she confirmed the U.K. has pushed Donald Trump's team to return to negotiations. Reeves stressed that de-escalation would help steady the economy amid rising oil concerns. Oil prices have climbed about a fifth higher since recent U.S. air strikes, with the Strait of Hormuz still blocked and reports of mines in the area. Markets eased a bit after Trump called the campaign nearly complete, but supplies remained tight. Reeves noted the U.K. is working with G7 allies and Gulf partners to re-star flows and even tap strategic reserves to cap prices. Brits are already noticing higher pump prices, with petrol of 3.5 pence to around 136 pence per liter and diesel 6. 8.9 pence to 149 pence. Officials warn this could keep inflation near 3% through year end, a full point above

1:03recent forecasts, and the Bank of England's two, percent goal. The Treasury is eyeing short-term aid for households, if energy costs spark another squeeze, similar to Ukraine's support, but more targeted thanks to. Boosted U.K. renewables, Reeves said ministers are modeling various scenarios to protect people without overrelying on global prices. For now, Raycut hopes Lib Dem, but quit de-escalation could limit the damage and keep inflation in check as efforts continue behind the scenes.