Iranian parliament speaker says ‘no negotiations’ were held with US, as Trump postpones strikes on power plants for five days

• Trump claims ‘productive’ talks with Iran but Tehran denies contact

• Israel launches new strikes on Tehran as Trump pauses Iran energy attacks

British prime minister Keir Starmer is set to chair an emergency meeting on the economic fallout from the war in Iran on Monday, with chancellor of the exchequer Rachel Reeves and Bank of England governor Andrew Bailey also attending, the UK government has said.

Financial markets face another turbulent week after Iran said it would strike its Gulf neighbours’ energy and water systems if Donald Trump followed through on his threat to “obliterate” Iran’s power plants if it doesn’t fully open up the crucial strait of Hormuz.

Topics expected to be covered are the economic impact of the crisis on families and businesses, energy security and the resilience of industry and supply chains alongside the international response.