UK convents summit on reopening Hormuz when Israel, U.S. halt their Iran attacks

The U.K. convened a virtual summit with representatives from more than 40 countries late Thursday to discuss options for opening the key Strait of Hormuz shipping lane if Israel and the U.S. pull back from their five-week-old bombing campaign on Iran without assuring ships would have access through the strait. 

Iran began limited access through the narrow strait through drone strikes and land-based missile strikes soon after Israel and the U.S. began their bombing campaign against Tehran and other Iranian cities. 

The strait normally sees around a fifth of the world’s oil supply pass through it, and its closure over the last month has sent global oil prices surging. Crude oil was trading early Friday at $112 per barrel, up 12 percent in the previous 24 hours and its highest price in nearly four years. 

The higher oil prices have also raised transportation and heating costs, resulted in higher costs for fertilizer, and have pushed food costs higher. 

U.K. Foreign Secretary Yvette Cooper said the virtual summit was considering diplomatic measures to assure the strait remained open, including pressure from the United Nations and sanctions. No military options were discussed, according to reports.

The countries involved came from “every continent except Antarctica,” a statement said. Representatives from Isreal and the U.S. did not participate in the talks.