Foreign Secretary accuses Russia and Iran of trying to ‘hijack global economy’ as blockade on Strait of Hormuz continues
It comes as Rachel Reeves warned oil companies against using the global situation to increase profits
Yvette Cooper has accused Russia and Iran of attempting to “hijack the global economy” as Tehran continued to blockade a key oil shipping route.
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Iran’s new supreme leader vowed to continue attacking shipping in the Strait of Hormuz on Thursday, a retaliatory move in response to ongoing US-Israeli strikes against his country.
It comes despite suggestions the supreme leader was seriously injured and "in a coma" following airstrikes, with the leader failing to deliver the speech - instead allowing a state television news anchor to deliver the statement.
It comes as Trump said on Thursday that the leader was "probably alive" despite not being seen for a number of days, adding that he may be "damaged".
The knock on effects of the blockade by Theran, impacting the Strait of Hormuz, has seen oil prices jump to around 100 dollars per barrel.
The rising costs have seen the threat of higher inflation sweep across the globe, with the US loosening sanctions on Russian oil in a bid to free up the global supply - a move that many have said plays into Putin's hands.
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Late on Thursday, President Trump's Treasury Secretary pledged to escort oil tankers through the Strait of Hormuz.
Speaking during a visit to Saudi Arabia, the Foreign Secretary linked the threat from Iran to that from Russia, a key ally of Tehran.
She said: “We have seen these links between Russia and Iran over an extended period of time.
“We’re seeing it in terms of technology, we see it in terms of the approach, we see it in terms of these kinds of tactics, and we see it in terms of the way these two states try to support each other and try to benefit together from attempting to hijack the global economy.”
She added: “We are very clear about the threat from both Russia and from Iran to the global economy and to all of our wellbeing.”
But Ms Cooper declined to criticise the easing of American sanctions on some Russian oil in the face of rising prices, saying it was a “specific, targeted issue”.
In a bid to ease global pressures, US treasury secretary Scott Bessent announced early on Friday that America would provide a temporary authorisation for countries to buy Russian oil already loaded on vessels at sea.
“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” he said in a post on X.
Ms Cooper visited a British military base in Saudi Arabia on Friday to speak to troops protecting the country’s critical national infrastructure.
The Foreign Secretary spoke to soldiers from 9 (Plassey) Battery, Royal Artillery, who operate air defence systems.
The base is part of a long-running deployment providing air defence support for Saudi Arabia, which began in 2022 at Riyadh’s invitation following a one-way drone attack on the country.
It comes as at least four people are dead after a US plane was downed over Western Iraq on Thursday afternoon.
A rescue mission was launched late on Thursday, but US Central Command has now confirmed four people are dead.
It is believed at least 5 crew members were on board.