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(Bloomberg) — Reopening the Strait of Hormuz to commercial shipping is “easier said than done,” UK Prime Minister Keir Starmer warned ahead of a meeting designed to secure that aim once the conflict in Iran has ended.
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Starmer is hosting senior leaders from Britain’s military as well as industry executives across the energy, shipping, financial and insurance sectors at Downing Street. Lloyd’s of London, Goldman Sachs, HSBC, Maersk, Shell, BP, Centrica and Equinor are among participants at the Monday afternoon meeting, which includes a briefing by the maritime commander responsible for coordinating UK naval operations globally.
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“The most important thing we can do is to de-escalate the situation and bring an end to the conflict: that would be the most effective way to deal with the impact and, as part of that, opening the Strait of Hormuz, which is easier said than done,” Starmer said at the start of the gathering.
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He reiterated the line he delivered to local broadcasters on Monday morning about a conflict that has concerned UK voters: “it’s not our war, but it is our duty to protect British citizens.”
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US President Donald Trump earlier escalated threats to destroy Iranian energy assets if the strait isn’t reopened soon.
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Despite pressure from Trump on Europe’s biggest naval powers — including the UK — to send naval assets to the Strait, the US allies have been clear that their participation in any Hormuz escort mission would only take place after a cease-fire.
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While Trump has said it would be “an easy Military Operation,” European defense officials have warned it would be an incredibly complex and dangerous task.
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That difference in opinion has once again strained relations between the US and its allies, with Starmer saying last week that he wouldn’t be pressured by Trump to change his mind.
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Monday’s meeting will also focus on how the government and private sector can work together to limit the impact of the conflict on the British economy. Bloomberg previously reported that the UK has been in talks with Lloyds of London — the world’s largest insurance market — about insurance products and prices for when the strait reopens.
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—With assistance from Fran Wang.
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English (US)