The UK has offered to host an international security summit to draw up a “viable, collective plan” to reopen the strait of Hormuz as economic fallout from the Iran conflict continues. Defence chiefs have been discussing how they could unblock the vital shipping lane, through which about 20% of global oil supplies usually pass, amid the Middle East crisis unleashed by the US and Israel. The UK and its allies are pressing for a swift de-escalation of the conflict as concerns grow about the deep economic damage being inflicted while the strait is closed. “Trump and Netanyahu’s catastrophic military folly is crippling the global economy and hurting the pockets of British consumers. “About 20% of the world’s oil passes through the strait of Hormuz, it is the busiest oil shipping channel in the world.

Source: International New York Times March 25, 2026 01:20 UTC