The British government is talking to international partners, and its central bank, to assess ways to limit the economic damage from the escalating Iranian crisis, warning that the longer it goes on, the worse it could get.
Prime Minister Keir Starmer told an event in London on Monday that he wanted people to know that the government was working to deal with the fallout from the Iranian war.
"The chancellor is talking with the Bank of England every day to make sure that we're ahead of that, on energy prices for households", the PM said.
British borrowing costs have soared since the conflict erupted more than a week ago - by more than those of other European countries and the United States - as investors fear that surging oil and gas prices will stoke already stubborn inflation higher.
Starmer said that he was acutely aware that people would be worried about their bills given the rising oil and gas price, but he noted that for consumers, an existing energy price cap was in place until June.
He also said the economy was more resilient than the last energy shock, when Russia launched its full-scale invasion of Ukraine.
"People will sense, you will sense, the longer this goes on, the more likely the potential for an impact on our economy," he said.
Hungary's Prime Minister Viktor Orban said on Monday that he asked European Commission President Ursula von der Leyen in a letter to suspend all sanctions on Russian energy, as that was needed to stop a rise in crude oil prices in Hungary.
Orban also said in a video posted on his Facebook page that he called a government meeting for later in the day to "prevent the price of diesel and gasoline from rising to unbearable levels."