What was said on the call
Trump said he and Burnham discussed the war in Ukraine and Iran "very lightly." A UK spokesperson said Burnham stressed that Kyiv needs unrestricted Starlink service so it can continue defending against Russia's full-scale invasion, citing recent SpaceX speed caps that hampered Ukrainian drones. The spokesperson added that the two leaders agreed to cooperate "to bring an end to the bloodshed."
It is not clear from the call whether Trump sought UK backing for any future military moves, though he has hinted at a possible new Middle East offensive after next month's US midterm elections.
The rift behind the rhetoric
Strains between Washington and London have sharpened in recent weeks over Ukraine. The UK has been urging the Trump administration to stay behind President Volodymyr Zelenskyy. This was their first publicly reported discussion after Trump unveiled an agreement with President Vladimir Putin that would put Russian diesel on the global market and suspend tariffs associated with Russian energy exports.
Burnham hosted Zelenskyy at Downing Street last week to underscore UK backing after that diesel deal. During the weekend, Yvette Cooper, a cabinet minister, stated that the UK holds a "different view" from the US. And on Thursday, Burnham's office dismissed Trump envoy Steve Witkoff's description of Putin as a "humanitarian."
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UK officials, speaking anonymously, said they fear a US move against Iran could choke energy flows and lift inflation, and want Trump to pursue diplomacy instead.
Energy moves and the Falklands flare-up
Trump said he discussed the UK's push to revive a North Sea gas field, a step he has long encouraged as part of expanding fossil fuel output despite climate concerns. Earlier this week, Burnham's government signed off on work at the Jackdaw gas field, reviving a project that a Scottish court had earlier struck down because of its climate impact. Downing Street said, "The leaders agreed on the significant benefits this will bring to the UK, boosting the economy and supporting jobs for British workers." Trump told reporters it is "going to make the UK a very rich country."
Trump has indicated he is receptive to his South American ally's stance, a point that alarms UK officials. According to the UK readout, Burnham "raised the economic consequences of Argentina's coercive measures for the UK and US and reiterated the importance of respecting the Islanders' right to develop their natural resources."
Why it matters for markets
Starlink access for Ukraine, a potential US tilt toward military action in the Middle East, and fresh North Sea drilling all point to a single theme for investors: energy supply risk. A revived Jackdaw project supports UK output, while uncertainty around Iran threatens global flows, and policy splits over Ukraine add another variable. The bottom line: watch these diplomatic threads for clues on fuel availability and price swings that can ripple through your portfolio.
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