Iranians are clearly stronger than one thought and they are obviously negotiating very skillfully.

At the moment, I don’t see what exit strategy the Americans are choosing.

They cannot normalize, nor can we tolerate them trying to normalize a system in which the Iranians decide who gets to use an international waterway and how much you have to pay them to use it.

We are doing everything we can to get the Strait of Hormuz open, because obviously that is vital in terms of minimizing the impact.

I don't want anybody to think that once the strait is open, that that's the end of the damage. It'll go on longer than that. And that's why we've got almost daily meetings of ministers and officials looking at how we manage the impact.

We'll see how long the conflict goes on... I can see that if there's more impact, people might change their habits, where they go on holiday this year, what they're buying in the supermarket, that sort of thing.

Don't panic, but we chose not to get involved in this war. That was the right thing to do, but we must protect the British people from the impact of it.