Hopes of turning the fragile ceasefire between the US and Iran into a more permanent peace agreement remain in doubt, as the US and Iran exchanged fresh attacks over the Strait of Hormuz on Wednesday.
The strait, through which around a quarter of global maritime oil supplies transits through, has been closed since the US and Israel illegally attacked Iran during negotiations over its nuclear programme in February. While the US has released unprecedented amounts of its oil reserves to make up for the shortfall, prices could once again go above $100 per barrel if a peace deal isn’t reached soon and the strait reopened.
The knock-on effect has caused a global economic crisis. The Organisation for Economic Co-operation and Development has warned that if the war isn’t ended soon, rural parts of Britain will become especially susceptible to diesel shortages while other sections of the economy would be impacted by low supplies of jet fuel. The OECD also expects inflation to peak later this year, adding to the country’s cost of living pressures already felt by ordinary people in this country.
Rather than addressing these problems at home or holding the US and Israeli governments to account for causing this global crisis, the British government is preparing for war. Under pressure to cut welfare spending in order to fund this militarisation – which includes buying nuclear-capable F-35As jets – Keir Starmer has delayed announcing the government’s Defence Investment Plan. It is now expected to arrive around the time of the NATO summit in July.
On Tuesday, 9 June, CND will be holding a webinar to discuss how the Middle East crisis is impacting us here in Britain and why our government needs to invest in people’s needs rather than making us poorer to pay for war.