UK Accuses Iran of Hormuz Hijack: Impact on Global Oil Prices

The United Kingdom convened diplomats from 40 countries on April 2, 2026, to coordinate a response to the closure of the Strait of Hormuz, a critical maritime corridor that the UK government claims is being used by Iran to hold the global economy hostage.

The virtual summit, chaired by UK Foreign Secretary Yvette Cooper, focused on establishing political and diplomatic mechanisms to reopen the waterway. The strait has been effectively choked off following the commencement of a U.S.-Israeli war against Iran on February 28, 2026.

The Strait of Hormuz serves as the primary link between Middle Eastern crude oil producers and key markets in North America, Europe, and Asia. According to data provided by the Associated Press, approximately 20% of the world’s traded crude oil and a similar share of natural gas pass through this narrow waterway.

Economic Impact and Price Volatility

The disruption of shipping traffic has led to significant volatility in global commodity markets. Foreign Secretary Yvette Cooper stated during the April 2, 2026, meeting that unsustainable spikes in food and oil prices are currently impacting businesses and households globally.

The halt of nearly all commercial traffic in the strait has sent petroleum prices soaring. The UK government has characterized Iran’s blockade of the waterway as recklessness that is directly hitting global economic security.

Shipping Disruptions and Security Data

Shipping activity in the Strait of Hormuz has slowed to a trickle. According to data from shipping firm Lloyd’s List Intelligence, there have been 23 direct attacks on commercial vessels in the Gulf since the war began on February 28, 2026. These attacks have resulted in the deaths of 11 crew members.

Lloyd’s List Intelligence reported in a briefing on April 2, 2026, that the remaining traffic in the waterway is dominated by tankers carrying Iranian oil that are evading sanctions. The firm noted that Tehran maintains a chokehold over the route through a murky operation used to vet which vessels are permitted to pass.

We have seen Iran hijack an international shipping route to hold the global economy hostage

Yvette Cooper, UK Foreign Secretary

U.S. Position and Geopolitical Tension

The United States did not attend the April 2, 2026, virtual meeting. This absence follows statements from President Donald Trump, who has asserted that securing the Strait of Hormuz is not America’s job.

President Trump has further criticized European allies for their lack of support regarding the war against Iran. In addition to these criticisms, he has renewed threats to withdraw the United States from the North Atlantic Treaty Organization (NATO).

The divergence in approach between the U.S. And its allies is evident in the nature of the UK-led summit, which Foreign Secretary Cooper stated was focused on political and diplomatic rather than military means to resolve the gridlock.

Cooper noted that the gathering of 40 countries demonstrated the strength of our international determination to restore the flow of oil and gas through the Persian Gulf to the rest of the globe’s oceans.