British Foreign Secretary Yvette Cooper accused Iran on Friday of holding the global economy hostage by blocking vital shipping through the Strait of Hormuz. Speaking ahead of a G7 foreign ministers' meeting in Cernay-la-Ville, France, Cooper urged a swift resolution to the escalating Middle East conflict.

"Frankly, Iran cannot be able to just hold the global economy hostage as a result of the Strait, which is about international shipping routes and the freedom of navigation," Cooper said, referring to Iran's refusal to allow vessels through the key chokepoint. The Strait of Hormuz, which carries about 20 percent of the world's oil supply, has been effectively closed since early March amid Iran's attacks on shipping.

The meeting at Vaux-de-Cernay Abbey near Paris included U.S. Secretary of State Marco Rubio and representatives from Germany, Italy, Canada, France, Japan, Ukraine, the EU, Saudi Arabia, South Korea, India, and Brazil. Discussions focused on restoring regional stability amid Iran's ballistic missile strikes on Israel and other actions fueling the war.

Iran declared the strait closed on March 2, vowing to attack any ships attempting passage, in response to U.S. and Israeli military actions. The blockade has driven global energy prices higher, with significant repercussions for economies worldwide. The Organisation for Economic Co-operation and Development warned this week that the UK faces the largest growth hit among major economies due to its energy reliance.

Prime Minister Keir Starmer's government has condemned Iran's strikes on regional partners and allowed limited U.S. use of British bases for defensive operations, despite tensions with U.S. President Donald Trump over the scope of involvement. Trump recently extended a deadline for Iran to reopen the Strait while criticizing allies for insufficient support.

Kuwait Petroleum Corporation CEO Nawaf Al Sabah echoed Cooper's sentiments earlier this week, stating Iran's attacks on Gulf energy infrastructure were holding the world economy hostage. Reports suggest Iran may be charging tankers millions for safe passage, profiting from the disruption.

The conflict, which intensified in late February, stems from Iran's regional aggressions, including support for proxies like Hezbollah. UK officials emphasize the need for lawful responses and international cooperation to secure navigation rights upheld by the United Nations.

As oil markets remain volatile, G7 ministers seek unified pressure on Tehran to de-escalate and reopen the strait, preventing further economic fallout.