Countries believe Iran is holding the global economy hostage; The next stage of talks will be when military planners meet next week
Without the presence of the United States, a group of around 40 countries discussed this Thursday (2) a joint action to reopen the Strait of Hormuz and stop Iran from holding “the global economy hostage”said the United Kingdom. The statement comes after United States President Donald Trump said the safety of the waterway was for others to resolve. “We saw Iran hijack an international shipping route to hold the global economy hostage,” said UK Foreign Secretary Yvette Cooper in opening speech broadcast to the media before the rest of the meeting took place behind closed doors.
According to her, Iran’s “recklessness” in blocking the waterway was “hitting families and businesses in every corner of the world”, as she chaired the virtual meeting, which included France, Germany, Canada, the United Arab Emirates and India. The discussions took place after Trump said on Wednesday night (1st) that the Strait could open “naturally” and that it was the responsibility of countries that depend on the waterway to ensure that it was open.
Although the meeting ended without any specific agreement, there was a consensus that Iran should not introduce transit fees on ships using the waterway and that all nations should be able to use it freely, one of the officials said.
A The next stage of talks will be when military planners meet next week to discuss options, including possible mine clearance work and providing a security force for commercial shipping.
Hormuz closed for over a month
Iran has effectively closed the main waterway, which carries about a fifth of the world’s total oil consumption, in retaliation for Israeli and American attacks that began late in February. Its reopening has become a priority for governments around the world as energy prices rise.
Initially, European countries refused Trump’s demand to send their navies to the area due to fears of being drawn into the conflict. But concerns about the impact of rising energy costs on the global economy led them to try to form a coalition to see how they could advance their own interests.
This Thursday, for the United States and Israel. The statement comes one day after Iran’s Revolutionary Guards (IRGC) stated that the Strait of Hormuz remains under “full control” of its Navy and rejected any possibility of reopening under the conditions suggested by the United States.
Despite the closure, Kremlin adviser Yuri Ushakov said the region was open to Russia. “He is open to us,” declared Ushakov, speaking on Russian state TV channel Vesti, the Interfax news agency reported. In late March, the Russian Foreign Ministry stated that it opposed Iran’s blockade of the Strait of Hormuz, but added that the situation needed to be seen “in the context of the broader global situation.”
What is the Strait of Hormuz?
O operating as the natural border between Iran and the Arabian Peninsula. In geopolitical and financial jargon, the region is classified as the main energy chokepoint in the world.
Approximately 20 million barrels of crude oil pass through its waters daily, a volume that is equivalent to around 20% of global consumption of the commodity. Understanding the geography and political chess of this route is essential to explain why a possible closure of the Strait of Hormuz by Iran could cause a collapse in the global economy.
*Reuters
