The UK government is escalating its planning to counteract potential shortages stemming from the Iran conflict. Oil prices have soared since the US-Israel war on Iran began, driven by the closure of the Strait of Hormuz – a key shipping lane that once handled a fifth of global oil and gas. The Prime Minister will chair another meeting of the Cabinet committee, established to manage the fallout, this Tuesday, following last week's Middle East Response Committee session. A separate contingency group of ministers, led by Chief Secretary to the Prime Minister Darren Jones, also meets twice weekly. The Strait of Hormuz is a key shipping lane that once handled a fifth of global oil and gas (Reuters) They are focusing on live monitoring of stock levels and what plans are in place for addressing supply chain disruption.…