Strait of Hormuz transit must be toll-free, Cooper urges Lebanon

UK Foreign Secretary Yvette Cooper is set to use her Mansion House foreign policy address on April 9, 2026 to call for toll-free navigation through the Strait of Hormuz and to argue that Lebanon should be included in any ceasefire arrangement with Iran.

According to advance extracts of the speech, Cooper will reject proposals that would allow unilateral or fee-based control of the waterway, stressing that the fundamental freedoms of the seas cannot be sold off or withdrawn to individual bidders. The appeal comes amid reports that Iran has sought to impose fees or otherwise exercise tighter control over passage through the strait, a choke point that carries roughly one-fifth of global oil and gas flows.

Cooper will also reiterate UK calls for the two-week ceasefire agreed between the United States and Iran to be extended to include Lebanon, reflecting concerns that exclusion of Lebanon risks further escalation in the Levant. London has convened and hosted diplomatic discussions with some 35–40 countries to explore political and logistical ways to reopen the strait and restore continuity of energy shipments without resorting to military action.

The policy stance has immediate market implications: any prolonged restriction on Hormuz transit would threaten global supply chains for crude oil and liquefied natural gas, increasing price volatility and insurance and freight costs. The UK's emphasis on diplomatic channels signals a preference for multilayered political solutions to secure maritime commerce and energy flows rather than unilateral force.

Market strategists and geopolitical analysts say Cooper’s interventions aim to shore up international coordination and to deter attempts to monetise passage through international waterways. If diplomatic efforts succeed, the near-term risk premium on oil markets could ease; if not, expect elevated volatility in energy markets, higher shipping insurance premiums and possible rerouting costs that would feed into global energy prices.