Britain accused Iran on Thursday of holding the world’s economy hostage. UK Foreign Secretary Yvette Cooper chaired a virtual summit at the Foreign & Commonwealth Office in London. Together, more than 40 nations plotted diplomatic and political measures to reopen the Strait of Hormuz.
Iranian attacks on commercial ships have halted nearly all traffic through the vital waterway. Consequently, Brent crude oil prices surpassed $90 per barrel on March 8 and rose to $105+ per barrel at their peak. Furthermore, Cooper warned of unsustainable spikes in oil and food prices hitting households and businesses in every corner of the world.
“We have seen Iran hijack an international shipping route,” Cooper declared. She called it a deliberate act holding the global economy hostage.
Meanwhile, the coalition includes France, Germany, Italy, Canada, Japan, and the United Arab Emirates. However, the United States notably skipped Thursday’s meeting. President Trump had previously told nations dependent on Hormuz oil to “grab it and cherish it” themselves.
Additionally, Lloyd’s List Intelligence confirmed 23 direct attacks on commercial vessels in the Gulf since the war began on February 28. As a result, 11 crew members have died. Nevertheless, no country appears willing to try to open the strait by force while fighting rages, and Iran can target vessels with anti-ship missiles, drones, attack craft, and mines. French President Emmanuel Macron called opening the strait by force “unrealistic.” Instead, British PM Keir Starmer stressed the need for diplomatic solutions, confirming that military planners will meet soon to prepare post-conflict security measures.
Moreover, the participating nations signed a joint statement calling on Iran to stop blocking the strait. They pledged to help ensure safe passage through the waterway.
Ultimately, experts link this coalition-building to the wider pressure on the Trump administration, as Britain and France visibly step up to demonstrate Europe’s rising security role.
“Sources: Associated Press, Al Jazeera, The Washington Post, ABC News, Lloyd’s List Intelligence”
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