The Foreign Secretary has issued a sharp condemnation of American military strikes on Iranian targets, warning that the action risks igniting a broader regional war. In a statement this morning, he described the strikes as 'reckless and disproportionate,' arguing they undermine diplomatic efforts and could trigger a spiral of retaliation. 'This is not precision targeting; it is pouring petrol on an already raging fire,' he said.
The remarks come hours after the US launched airstrikes against Iranian Revolutionary Guard positions in Syria and Iraq, citing retaliation for recent attacks on American forces. The Foreign Secretary’s office confirmed that the UK was not consulted prior to the operation, which he labelled a 'dangerous unilateral act.' He called for an immediate de-escalation and a return to negotiations, though he stopped short of announcing any concrete UK response.
Markets reacted swiftly, with Brent crude spiking above $92 a barrel, its highest since last October. The FTSE 100 dipped 1.4% as investors fled to safe havens, while the pound weakened against the dollar. 'The risk premium on Middle Eastern assets has just exploded,' said one City trader. 'If this escalates, we are looking at a full-blown energy crisis on top of everything else.'
The Treasury is now monitoring the potential impact on UK inflation, which has stubbornly remained above the Bank of England’s 2% target. A prolonged conflict could push petrol prices higher, unravelling recent progress on the cost of living. 'Higher oil prices mean higher transport costs, higher production costs, and ultimately higher prices on the shelves,' noted a senior economist. 'The Bank may have to hold rates higher for longer, which will choke growth.'
Opposition MPs immediately seized on the crisis, accusing the government of being a 'bystander' while the US acts unilaterally. But Downing Street remains cautious, likely wary of being dragged into another Middle Eastern entanglement. The Prime Minister’s official spokesman stressed the need for 'calm and restraint,' though critics argue that such platitudes hold little weight when allies are dropping bombs.
The Foreign Secretary’s intervention signals a significant rift with Washington, and comes as the UK seeks to position itself as a stabilising force in the region following Brexit. Yet with the US elections looming, the White House is unlikely to bend. For investors, the calculus is simple: volatility is back. Capital will flee the region, and the UK, as a net importer of crude, will feel the pinch. 'Bottom line,' said one hedge fund manager, 'this is not a drill.'
