The roundtable meeting in Downing Street will examine the impact of Iran's effective closure of the vital Strait of Hormuz, which has driven up oil prices and costs in various sectors around the world.

Participants will include representatives from energy giants Shell, BP and Centrica, shipping firms Maersk and CMA as well as banking executives at HSBC and Goldman Sachs, Starmer's office said.

Senior officials from Lloyd's of London, the world's leading insurance marketplace, will also attend, it noted.

"The roundtable will include an operational update from Commander Maritime Operations, who is responsible for directing and coordinating UK naval and Royal Marine operations globally," the statement from Starmer's Downing Street office added.

"He will set out the maritime security picture in the Strait of Hormuz and the wider Middle East, which is having a direct effect on shipping and the freedom of navigation."

Downing Street said it wanted to "hear directly from industry leads" and "set out the situation in the region, as well as how it is engaging with partners and allies in the region to work on de-escalation".

"They will discuss how the government and private sector can work together as the conflict in the Middle East continues to have a significant impact on the British people back home," it added.

"The prime minister will reiterate that the best way to reduce the impact of the war on the cost of living is de-escalation."

Separately on Monday, Starmer will launch his ruling centre-left Labour party's local elections campaign, ahead of voters heading to the polls on May 7 in Scotland, Wales and parts of England.

The UK leader -- whose popularity has plummeted since he took office in July 2024 -- will defend his decision to keep Britain out of offensive operations in the joint US-Israeli war on Iran, according to Labour.

"We will protect our forces, our people, our allies in the region," Starmer was set to tell a launch event in the West Midlands.

"But I made the decision that it is not in our national interest to commit British forces to a war, without a clear legal basis and a clear plan -- and I stand by that."

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Shell

BP

CENTRICA

A.P. MOELLER-MAERSK

HSBC HOLDINGS

Goldman Sachs Group