Starmer fights for political survival

The Strait of Hormuz closure continues to disrupt global energy markets, forcing Asian nations to increase coal imports while airlines navigate a volatile jet fuel landscape. Despite concerns over potential shortages, some European budget carriers are lowering ticket prices to stimulate demand amid consumer anxiety. Meanwhile, the resulting energy price surge complicates the Federal Reserve’s inflation-targeting strategy, with analysts warning that interest rate cuts could prove counterproductive. In the UK, Prime Minister Keir Starmer faces mounting pressure to resign following dismal local election results that signal a shift away from the traditional two-party system. As Starmer prepares to outline his values and legislative agenda, including a potential pivot toward closer EU relations, his political survival remains uncertain due to internal party instability and the lack of a clear successor.