Cabinet ministers are expected to join him, including the chancellor, foreign secretary, energy secretary, as well as the governor of the Bank of England, to discuss the cost-of-living impacts of the ongoing Iran war and plans to help households.
COBRA meetings are the government's regular way to respond to a national emergency.
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The prime minister last chaired a COBRA meeting on Thursday to discuss the UK's response to Iranian strikes on energy infrastructure in the Gulf. He also chaired a meeting in late February to discuss the initial US-Israeli strikes on Iran.
On Sunday, Sir Keir spoke to the US president about the need to reopen the Strait of Hormuz.
A Downing Street spokesperson said: "The leaders discussed the current situation in the Middle East, and in particular, the need to reopen the Strait of Hormuz to resume global shipping.
"They agreed that reopening the Strait of Hormuz was essential to ensure stability in the global energy market.
"They agreed to speak again soon."
The call lasted for around 20 minutes and was constructive, it is understood.
It comes as the war threatens to push up energy costs and inflation.
Leading forecaster Cornwall Insight has predicted Ofgem's July energy price cap will rise from £1,807 to £1,973 a year for an average household.
That's a rise of £332 from April's cap of £1,641.
The Iran war has seen global oil and gas prices rise rapidly, as the Strait of Hormuz in the Gulf has been effectively closed by the threat of Iranian strikes.
Around 20% of the world's oil and liquefied natural gas supplies typically pass through the Strait.
Meanwhile, economists are predicting inflation could rise to as high as 5% this year - it was previously expected to fall back to the 2% target before the war.
Interest rates could also increase.
'No need to ration fuel', cabinet minister tells Sky News
Speaking to Sky News on Sunday, Housing Secretary Steve Reed rejected suggestions the UK would run out of fuel amid the ongoing conflict.
"There's no need to ration fuel," Mr Reed told Sunday Morning with Trevor Phillips.
Mr Reed added that while "there's always a contingency plan" for fuel supplies, right now it is not needed.
"People should go around and buy their fuel just like they always would. If the situation were to change, then the government would look at what was required in that circumstance," he said.
"We did intervene when it came to heating oil because we saw the prices escalating and people were seeing their bills doubling and tripling overnight. We can't have that. So we stepped in to support people."
The government previously announced a £53m support package for the poorest users of heating oil last Monday, which is not covered by the price cap.
Read more from Sky News:
Why war could be calamitous for economy
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Our people and politics correspondent Nick Martin says that during fuel crises, perception can become reality.
He says the government is striking a delicate balance between sounding credible, but calm enough to avoid triggering panic.
Panic buying over fears of shortages in both 2021 and 2000 caused fuel to run out at many forecourts - despite there being no actual shortage of fuel then. Instead, there were issues with lorry drivers.
Conservative Sir James Cleverly told Trevor Phillips that the government should respond to the crisis by cancelling planned increases in fuel duty, and by opening up new oil and gas fields in the North Sea.
Pamela Gwinnett isolated 89-year-old Joan Green from her family while pretending to act as her carer during the COVID-19 pandemic.
She convinced Joan to transfer power of attorney to her - giving her control over her finances - and raided the retired accountant's life savings.
Along with cosmetic treatments like Botox, Gwinnett splurged on lavish meals, a £22,500 car, and mortgages for properties she owned.
Gwinnett, 63, fled to Tenerife in breach of her bail conditions while awaiting trial and has been living in a picturesque seaside apartment in the south of the island for the last 11 months.
She was sentenced in her absence last October to six years for theft and fraud by abuse of position.
Confronted by Sky News outside her Tenerife home, Gwinnett said she was not in the UK "because I've got an appeal going on".
Asked if she stole Joan's savings, she said: "No, never. Her family took it."
"I don't need to answer these questions," she said. "Did I heck take the money.
"I was her power of attorney and executor, her solicitor's got all the money.
"I didn't have her bank card, her family had it. They have made me a scapegoat."
Gwinnett's crimes have become known at her apartment complex, where furious residents have put up posters.
One says "justice for Joan Green" and another is a picture of Gwinnett with the caption "wanted".
Gwinnett's 'brass neck'
Joan, from Chorley, Lancashire, died in 2022.
Speaking to Sky News, her step-grandson David Bolton said his biggest fear was that she died believing Gwinnett's lies that her family had abandoned her and didn't love her.
David said: "The fact [is] that she's just sunning it up in Tenerife, walking around, doesn't care - only about herself.
"All the pain she's caused everybody over here, all the upset. It's just so annoying."
Gwinnett took extreme measures to stop Joan's family from intervening in her scheme, changing Joan's landline number, padlocking the gates and telling carers to stop the family coming in.
During her sentencing, Judge Michael Maher said Gwinnett "played the long game" to isolate Joan and treat her like a "cash cow to be milked".
The trial was played a video secretly filmed by David, showing a row with Gwinnett.
In the footage, Gwinnett shouts: "This is nothing to do with you - I'm power of attorney."
When the family say she doesn't speak for Joan, she yells: "Yes I do!".
She also accuses David of being a "criminal" and "grooming" his grandmother.
Joan can be heard asking "what's happening?" as David holds her hand and comforts her.
Judge Maher said the video showed Gwinnett's "self-assured shamelessness" and "brass neck".
Calling for Gwinnett's extradition, he said it was an "affront to justice and the rule of law" for her to remain in Tenerife.
The UK authorities are trying to extradite Gwinnett from Spain. Police in Spain did not respond when we asked if her arrest was imminent.
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Flight from justice
Joan's family feel let down by the authorities' handling of Gwinnett's case while she was in the UK.
In March last year, a judge decided not to force Gwinnett to hand over her passport as part of bail conditions.
A month later, Gwinnett was issued with a bail notice requiring her to hand in her passport to police.
But she left the UK for Tenerife five hours after that notice was issued and has not returned to the UK since.
The Crown Prosecution Service said it did all it could to keep Gwinnett in the UK and that when it became clear she was breaching her bail conditions by travelling between the UK and Tenerife, it asked Greater Manchester Police if an arrest could be made.
Greater Manchester Police said it arrested Gwinnett for fraudulently obtaining a new passport when it became aware she was breaching her bail conditions. The force said it tried to get Gwinnett remanded in custody on four occasions, but her lack of previous convictions meant these attempts did not succeed.
Joan's family have complained to Lancashire Police for failing to launch a criminal investigation into Gwinnett's initial offending.
When relatives raised concerns about the huge sums of money leaving Joan's bank account, Lancashire Police concluded it was a civil matter and took no further action.
But when Joan's family took the same evidence to Greater Manchester Police, the force immediately launched a criminal investigation and arrested Gwinnett.
Lancashire Police said: "We can confirm that in March 2023 we were contacted in relation to an allegation of fraud. Our handling of that allegation is currently subject to an ongoing complaint which is with our Professional Standards Department and for that reason it would be inappropriate to comment any further at this time."
'She's evil, but very clever'
Last month, Preston Crown Court made a confiscation order of £350,180.79 against Gwinnett.
She must pay this amount within three months or she faces three and a half more years being added to her six-year prison sentence.
Joan's family are convinced this is not the first time Gwinnett has defrauded a vulnerable person.
"She's evil but she's very, very clever at what she does," step-grandson David said.
"She knows how to play the system. This isn't her first time of doing it, there's no way.
"She's too confident, she's too clued up on what to do and how to behave."
Additional reporting by Darren Little, news editor, and Charlie Brunskill, camera operator
The legislation came into force on Sunday, in time for the match between Arsenal and Manchester City at Wembley, which City won 2-0.
It is now a criminal offence for anyone to enter a football game in England and Wales without a ticket. Tailgating is when someone walks closely behind ticket holders to get through entrances.
The new law was prompted by serious disorder at the Euro 2020 final between England and Italy at Wembley in July 2021.
The Metropolitan Police said it had charged Benjamin Bailey, 27, from Oldham, in Greater Manchester.
He will appear at Willesden Magistrates' Court on 1 May in connection with the alleged offence.
Two other men were arrested on suspicion of the same offence at Wembley. They remain in police custody.
And a third was arrested on Sunday on suspicion of tailgating at Tottenham Hotspur Stadium. He has been bailed pending further investigation.
Those convicted under the new law face a five-year banning order, as well as a fine of up to £1,000.
Read more from Sky News:
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There were previously no specific legal penalties for attending a football game without a ticket.
The Unauthorised Entry to Football Matches Act will also make it illegal to knowingly try to enter a match with forged tickets, passes and accreditation documents, as well as by pretending to be a member of stadium or playing staff.
The Metropolitan Police said they recorded a 78% reduction in offences at this year's Carabao Cup final.
A total of 20 arrests were made, including seven for affray, one for assault of an emergency service worker, and one for racially aggravated assault.
That compares with 91 arrests at the same fixture last year.
This coming Friday, with time running out before the end of the tax year, we explain how many couples can reduce their tax bill using "interspousal transfers".
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The US president said in a post on Truth Social that the "brilliant and patriotic" agents "will do Security [sic] like no one has ever seen before, including the immediate arrest of all Illegal Immigrants [sic]".
Mr Trump said that "if the Democrats do not allow for Just and Proper Security at our Airports, and elsewhere throughout our Country, ICE will do the job far better than ever done before!
"I look forward to moving ICE in on Monday, and have already told them to, 'GET READY.'", he added.
TSA officers, who carry out security checks at US airports, have not been paid, leading to staff walkouts and long queues at airport security.
Read more on Sky News:
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In February, Democrats vowed to shut down the Department of Homeland Security until Republicans agreed to new checks on ICE agents, such as requiring them to wear identification and banning them from wearing face coverings.
The move followed the killing of two US citizens, Renee Good and Alex Pretti, by federal officers after 2,000 ICE agents were deployed to Minneapolis at the start of the year.
ICE agents work would, Mr Trump said, with "heavy emphasis on those from Somalia, who have totally destroyed, with the approval of a corrupt Governor, Attorney General, and Congresswoman, Ilhan Omar, the once Great State of Minnesota. I look forward to seeing ICE in action at our Airports".