FT: France, Italy discuss safe passage through Strait of Hormuz with Iran

France and Italy, along with other European countries, have begun talks with Iran to secure guarantees for the safe passage of their vessels through the Strait of Hormuz, the Financial Times reports, citing sources.

European capitals are actively working to restore oil and gas supplies from Gulf countries amid an impending energy crisis. However, it remains unclear whether the negotiations will succeed or if Iran is willing to engage constructively on the issue, according to the outlet.

Shipments through the narrow chokepoint — through which about a fifth of the world’s oil and liquefied natural gas normally flows — are negligible after Iranian attacks on tankers and a vow from the country’s new supreme leader to keep it closed.

European governments are concerned that a prolonged blockage of the strait could sharply increase energy costs for households and businesses. 

Oil has jumped to roughly $100 a barrel from about $60 at the start of the year, while European natural gas prices have risen by 75% during the same period.

By Jeyhun Aghazada