Britain to call for toll-free Strait of Hormuz amid US-Iran ceasefire

In an annual foreign policy speech, Cooper is expected to say shipping must be toll-free through the Strait of Hormuz, which has effectively been blocked by Iran since the start of the war.

“The fundamental freedoms of the seas must not be unilaterally withdrawn or sold off to individual bidders. Nor can there be any place for tolls on an international waterway,” Cooper will say at Mansion House in London later this evening, according to advance extracts of her speech.

Iran has said it wants to charge ships to pass through the Strait of Hormuz, with the Financial Times reporting on Wednesday that Tehran is planning to charge shipping firms in cryptocurrency for their oil tankers to pass through the waterway.

The Strait of Hormuz is a narrow maritime corridor that connects the Persian Gulf and the Gulf of Oman. Roughly 20% of global oil and gas typically passes through the Strait.

Britain’s Cooper is also expected to push for Lebanon to be included in the two-week ceasefire agreed between the U.S. and Iran on Tuesday.

“The ceasefire agreement between the US, Israel and Iran is welcome. It is a vital step towards bringing security and stability to the region, and to easing the pressures on the global economy and the cost of living here at home,” Cooper will say.

“There is considerable work to do, and we support the negotiations: they must make progress; there must be no return to conflict; Lebanon must be included in the ceasefire; there must be no further threat from Iran to its neighbors; and crucially the Strait of Hormuz must be fully reopened.”

Cooper is set to underline the economic impact of the Middle East crisis on people in Britain, citing rising mortgage rates, fuel prices and the cost of food.

Her speech comes as U.K. Prime Minister Keir Starmer holds talks with several countries in the Gulf region to discuss diplomatic efforts to support and uphold the ceasefire deal.

“Tolls have been rumored. We’ve not seen any firm confirmation that it’s occurring,” Stawpert told CNBC’s “Squawk Box Europe” on Thursday, noting there had been a report in the FT of possible crypto payments for ships seeking to navigate the waterway.

“Charging a toll for transits through an international waterway would be outside international norms and realistically would undermine international law, and the right to freedom of navigation and innocent passage,” he added.

“So, we’re very, very, very concerned of these reports that tolls would be a condition for the resumption of trade and would urge all parties who are in these negotiations to work away from any such tolling.”