The US has stepped up diplomatic efforts to reopen the vital Strait of Hormuz and has begun urging countries to join a new international coalition.
According to the British news agency Reuters, a letter from the US State Department has suggested that countries restore freedom of navigation in this vital waterway under a joint strategy.
The Strait of Hormuz is closed due to ongoing tensions between the US, Israel and Iran and the two-month-long war.
This waterway is considered the backbone of global energy supply, from where about 20% of the world’s oil and gas is transported. As a result of the closure, the prices of crude oil and petroleum products are rising rapidly in the global market.
According to the US letter, the proposed alliance, called the “Maritime Freedom Construct”, will focus on the following issues:
Ensuring the safe passage of ships
Sharing information between member countries
Maintaining strong diplomatic relations
Cooperation in the implementation of sanctions
The US believes that this alliance will not only improve maritime security but also reduce the risks facing the global economy.
Other countries, including France and Britain, have also supported a similar alliance, but they say that practical progress on it is possible only after the end of the war.
Iran has already made it clear that it is not possible to open the Strait of Hormuz as long as there are threats to it and attacks continue.
According to experts, if this situation persists, crude oil prices could reach $200 per barrel, which would have a profound impact on the global economy.
Energy experts say that the continued closure of the Strait of Hormuz could not only drive oil prices out of control, but also raise concerns that it could severely impact global inflation, trade costs, and supply chains.
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