BP chair removed over ‘unacceptable’ governance oversight and conduct issues; UK petrol prices hit new Iran war high – business live

Rolling coverage of the latest economic and financial news

• Middle East crisis live: US attacks Iran missile sites as Tehran negotiators hold talks in Qatar

• Rachel Reeves tells ministers to ‘buy British’ in four key industries

The economic consequences of the spike in oil and gas prices since the Iran war started will be brought home to British households tomorrow.

Energy regulator Ofgem is due to set the latest price cap at 7am on Wednesday, dictating the maximum a supplier can charge for the July-September quarter.