'Sanctions to bear down on Iran' discussed by Government if the Strait of Hormuz remains closed
Iran could face further sanctions if the Strait of Hormuz remains closed, the Foreign Secretary has said.
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Yvette Cooper issued the warning after chairing a meeting of more than 40 countries on Thursday in response to the growing Middle East conflict.
It came as the Foreign Secretary held crunch talks with dozens of nations and demanded the "immediate and unconditional reopening" of the vital shipping route.
In a statement following the meeting, she said: "This meeting showed clearly the determination of the international community to secure freedom of navigation and re-open the Strait of Hormuz.
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"Iran’s closure of the Strait of Hormuz is a direct threat to global prosperity. The Strait is one of the world’s most critical maritime corridors.
"It is used to transport vital supplies and products such as fertilisers urgently needed to support farming in Africa. It is a primary route for global energy exports, delivering oil, refined petroleum and liquified natural gas to countries across the globe."
Measures could include increasing diplomatic pressure, including through the UN, to push Iran to allow unimpeded transit and to "comprehensively reject" tolls being imposed on vessels seeking to pass through.
She added: "These supplies help to power homes, facilitate air travel, and support international trade and food chains.
"Iran is trying to hold the global economy hostage in the Strait of Hormuz. They must not prevail. To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea.
"We discussed a number of areas of possible collective, coordinated, action."
Cooper also vowed to increase international diplomatic pressure, including through the UN, to send messages to Iran to permit unimpeded transit passage through the Strait.
Oil prices spiked and shares tumbled after a speech given by President Trump cin the early hours of Thursday, where he slammed Europe and told Iran’s leaders he would "send them back to the Stone Age."
Trump vowed to end the conflict within "two to three weeks" before telling allies, including Britain, to take the Strait of Hormuz themselves.
Despite rumours he would use the address to explicitly slam Nato allies or announce his intention to leave the alliance, Trump instead reeled off supposed accomplishments in the Middle East.
In response to US-Israeli strikes at the end of February, the Iranian regime announced that the shipping lane, which sees 20 per cent of worldwide oil flow, was to be closed.
They have since struck tankers trying to navigate through the waterway.
Trump this week: "I have a suggestion. No. 1, buy oil from the United States of America, we have plenty, we have so much.
"And No. 2, build up some delayed courage - should have done it before, should have done it with us as we asked - go to the Strait and just take it. Protect it. Use it for yourselves."