A coalition of major global economies, including Britain, France, Germany, Italy, the Netherlands, and Japan, issued a joint statement on Thursday pledging “appropriate efforts” to ensure safe passage through the Strait of Hormuz. This diplomatic move follows a series of devastating strikes on Gulf energy infrastructure that have sent global oil and gas prices to record highs. While the leaders stopped short of committing warships to a U.S.-led naval coalition, a move previously requested by Trump, they emphasized a readiness to contribute to stabilizing the vital waterway, through which 20% of the world’s oil and gas flows.
Leading European nations, Japan and Canada issued a joint statement saying they were ready to join appropriate efforts to ensure safe passage through the Strait of Hormuz and would take steps to stabilize energy markets https://t.co/BGHIRD6Qw2
— Reuters (@Reuters) March 20, 2026
The urgency stems from the “de facto” closure of the Strait by Iranian forces and the recent retaliatory strike on Qatar’s Ras Laffan Industrial City. QatarEnergy reported that the attack caused “extensive damage” to facilities responsible for 17% of their LNG exports, with repairs estimated to take three to five years. In response to the crisis, the International Energy Agency (IEA) has authorized the largest coordinated strategic petroleum reserve release in its history. As of Thursday, Brent crude surged to $113 per barrel, and European gas prices have jumped over 60% since the conflict began on February 28.
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