Sir Keir Starmer has admitted the Government cannot tackle the fallout from the war in Iran “on its own”, urging business leaders to help protect households from soaring prices.

The Prime Minister called for a “joint effort” to tackle the issue after summoning bosses from across the energy, shipping and banking sectors to Downing Street on Monday for talks.

Meg O’Neill, the incoming chief executive of BP, and Anders Opedal, the boss of North Sea giant Equinor, were among the executives in attendance.

Sir Keir told them he was working on a “viable plan” to cope with Iran’s closure of the Strait of Hormuz, a waterway that usually carries around a fifth of the world’s oil and gas supplies.

Iran has blocked ships from using the waterway for around a month after the US and Israel first attacked the country. It has triggered an oil price spike that has sent the cost of fuel jumping.

The Prime Minister said the Government would take measures to allay people’s fears about rising energy bills, petrol and food prices, which were “uppermost in their minds”.

However, Sir Keir told the executives that it must be a “joint effort”, saying “the Government can’t do it on its own”.

He added: “You can’t do it on your own. We’re going to have to work together on this.”

Oil prices remained elevated at close to $115 a barrel on Monday after Donald Trump threatened to target Iranian oil wells if it failed to reopen Hormuz “immediately”.

Sir Keir said: “We will defend British interests and British lives in the region, particularly in the Gulf allied states, and obviously our allies there, and we are working on a viable plan for the Strait of Hormuz, which I want to come back to.

“So it’s not our war, but it is our duty to protect British citizens. Particularly their concern will be not just the escalation of the war, but this sense that it’s going to hit them and their families and their households.

“And I think probably uppermost in their minds at the moment is energy bills, petrol and also food prices.”

Sir Keir’s call for cooperation follows his claims that petrol stations have been profiteering from the oil crisis.

Labour’s relationship with business has also been tested by repeated tax raids.

Supermarkets shunned a last minute meeting called by Rachel Reeves last week to discuss prices, with some saying it was just a chance for the Chancellor to criticise grocery bosses.

The meeting has been rescheduled for this week. Peter Kyle, the Business Secretary, will also attend.