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An Iranian envoy has said South Korean ships can pass through the strait of Hormuz only after coordinating with Tehran, the Yonhap News Agency has reported.

Such an agreement had to be reached in advance of the transit, said Saeed Khuzechi, the Iranian ambassador to South Korea, at a press conference in response to a question about guarantees for South Korean vessels to navigate the vital conduit for oil.

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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.

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Japan’s prime minister, Sanae Takaichi, has said she has no immediate plans to send her country’s maritime self-defence forces to help protect tanker traffic in the strait of Homuz.

We have not made any decisions whatsoever about dispatching escort ships. We are continuing to examine what Japan can do independently and what can be done ⁠within the legal framework.

I would like to ⁠engage in solid discussions based on Japan’s views and position regarding the need for early de-escalation.