Britain is holding a purely defensive line in the Middle East. After reports that Iran fired ballistic missiles toward the joint US‑UK base on Diego Garcia, Foreign Secretary Yvette Cooper said the UK will provide defensive support against “reckless” threats but will not join offensive action or be drawn into a wider war. (apnews.com)

US officials cited by major outlets said two intermediate‑range missiles were launched at Diego Garcia: one reportedly failed in flight and a US warship fired an interceptor at the other, with neither hitting the base. The atoll sits roughly 2,500 miles from Iran, underscoring the reach-and risks-of any escalation. (elpais.com)

Ministers have confirmed the US can use British bases for collective self‑defence-specifically to degrade missile capabilities used to attack ships in the Strait of Hormuz. The UK is not joining offensive strikes, and Downing Street told Cyprus that RAF Akrotiri will not be used for US attacks on Iranian missile sites. (apnews.com)

The politics are febrile. Le Monde reported Lib Dem and Green demands for a Commons vote, while at Prime Minister’s Questions both sides traded “mother of all U‑turns” barbs-Starmer at Kemi Badenoch on Iran, and Badenoch back at the PM on fuel duty. (lemonde.fr)

For markets and households, the chokepoint is energy. The IEA says around 20 million barrels per day-about a quarter of seaborne oil-normally transits Hormuz; member countries have agreed an unprecedented 400 million‑barrel emergency stock release to cushion disruption. (iea.org)

Prices show why that matters. Brent crude briefly topped $119 this week before easing near $100 as headlines shifted; volatility will persist until tanker flows stabilise. (apnews.com)

Near term, Ofgem’s April–June price cap still lands: a 7% cut that lowers a typical direct‑debit dual‑fuel bill to about £1,641. That relief could prove short‑lived if wholesale curves stay elevated into summer. (edfenergy.com)

Oil‑heated homes face the sharpest squeeze. Average heating‑oil quotes have more than doubled since 28 February to roughly £1.28 per litre. The Competition and Markets Authority has begun gathering evidence on pricing practices, while ministers have warned suppliers and said the government will act if needed. (moneyweek.com)

Regional exposure is acute in Northern Ireland, where about 62.5% of homes rely on heating oil. The Prime Minister said the Treasury will work with the Executive on targeted help as energy costs rise. (independent.co.uk)

Motorists and SMEs running fleets are already paying more. The RAC reports petrol and diesel have risen by several pence per litre in early March as crude spiked-pressuring delivery margins and cashflow for logistics‑heavy firms. (media.rac.co.uk)

Macro policy is adjusting too. The Bank of England held Bank Rate at 3.75% and flagged that higher energy costs from the Iran conflict risk slowing the fall in inflation-another reason for households and SMEs to keep some buffer in place. (apnews.com)

One structural footnote to today’s headlines: London has agreed to transfer sovereignty of the Chagos Islands to Mauritius while leasing back Diego Garcia for long‑term operations-context for why the base remains strategically central. (apnews.com)