Scoop: U.S. and U.K. planning international conference on Strait of Hormuz

Context

The U.S. and U.K. are planning to convene a high-level meeting in London next week that will focus on a potential international coalition to protect maritime shipping in the Strait of Hormuz, two European diplomats and two other sources with knowledge told Axios. Why it matters: The reopening of the strait for commercial shipping is a key element of any U.S. exit strategy from the war with Iran and of efforts to stabilize global energy markets. The itinerary and date are still under discussion and haven't been finalized. It will potentially bring together defense ministers and top military commanders from Western countries and countries from the region, the European diplomats said. Defense Secretary Hegseth and the Chairman of the Joint Chiefs Gen. Dan Caine would potentially attend. The White House and the Pentagon did not immediately respond to a request for comment. The British embassy in Washington declined to comment. Driving the news: Since Iran started attacking ships in the Strait of Hormuz two weeks ago, the U.S. has been conducting daily strikes against Iranian military targets along the country's southern coast. Over the last four days, there have been no Iranian attacks against commercial ships. Some U.S. defense officials say the reason is that Iran's military capability around the strait has been all but eliminated due to the U.S. strikes. Other officials say Iran is still capable of attacking ships in the area. On Wednesday, President Trump threatened to bomb bridges and power plants, including in Tehran, if Iran attacks more ships in the strait. Iran responded by threatening infrastructure in Gulf countries allied with the U.S. The big picture: The escalation over the Strait of Hormuz started after negotiations between Oman, Iran and Qatar on a new arrangement there ended without results. Shortly after, Iranian foreign minister Abbas Araghchi went back to Tehran for consultations and the IRGC began firing at ships in the strait. On Friday, an Omani delegation arrived in Tehran to resume talks on the mechanism for reopening the strait. Behind the scenes: The U.S. wants to build on discussions that the U.K. and France had with multiple countries in recent months about a potential international coalition for the Strait of Hormuz, the sources said. One of the key conditions many countries have set is that fighting in the strait ends so that conditions on the ground are safe enough for an international maritime mission. The sources said the U.S. wants its allies to send assets to the region like de-mining vessels, naval vessels and drones to help secure shipping lanes. "The Americans are looking for a way, out and they want our help," the European diplomat said.

What it means

No call: the only market channels here were low-conviction — below our selectivity bar, where the track record shows no reliable edge.

Causal chain

No clear market signal

Not investment advice · for informational purposes only. Generated 24 Jul, 16:18 UTC