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. 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. Despite this government’s best efforts, we are still heavily dependent on oil and gas,” Western said. “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