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Oil prices have risen in response to President Trump's rejection of a proposal from Iran.
More than 30 Labour MPs have publicly called for Prime Minister Keir Starmer to resign or provide a timetable for his departure.
The United States and Iran have mutually rejected proposals aimed at ending their 10-week conflict.
Brent crude oil prices surged above $100 a barrel after President Trump rejected Iran's latest peace proposal.
The White House proposed to Iran that the current ceasefire continue, the Strait of Hormuz be reopened, and long-term discussions about Iran's nuclear program be postponed.
More than 40 countries are meeting to discuss potential military contributions to a UK and France-led mission to escort ships through the Strait of Hormuz once a ceasefire is in place.
NATO countries are reportedly preparing for the United States to withdraw additional military forces from Europe.
President Trump announced a plan to withdraw 5,000 U.S. troops from Germany.
British Prime Minister Keir Starmer is scheduled to deliver a speech to defend his leadership following poor election results for the Labour party.
Labour MP Catherine West stated she will initiate an effort to remove Keir Starmer as Prime Minister if his cabinet does not act first.
Former Deputy Prime Minister Angela Rayner stated that the Labour government's current strategy is ineffective and urged Prime Minister Keir Starmer to take action.
The Wall Street Journal reported that Iran's proposal included diluting a portion of its highly enriched uranium and transferring the remainder to a third country.