Yvette Cooper has accused Russia and Iran of attempting to “hijack the global economy” as Tehran continues to blockade the Strait of Hormuz, a key oil shipping route. The Foreign Secretary made the comments during a visit to Saudi Arabia, linking the threats from both nations.
Iran’s new supreme leader has vowed to maintain attacks on shipping in the strait in retaliation for US-Israeli strikes. The blockade has pushed oil prices to around $100 per barrel, raising fears of higher global inflation.
Cooper stated, “We have seen these links between Russia and Iran over an extended period of time… in terms of technology, approach, tactics, and how they try to benefit together from attempting to hijack the global economy.” She declined to criticise the US easing of sanctions on some Russian oil, calling it a “specific, targeted issue”.
US Treasury Secretary Scott Bessent announced temporary authorisation for countries to buy Russian oil already loaded on vessels, saying it “will not provide significant financial benefit to the Russian government”. However, UK Energy Minister Michael Shanks indicated Britain will not follow suit, stressing the importance of maintaining pressure on Russia.
Cooper visited a British military base in Saudi Arabia on Friday, speaking to troops operating air defence systems. The deployment began in 2022 at Riyadh’s invitation after a drone attack. Defence Secretary John Healey warned that Vladimir Putin’s “hidden hand” is behind some Iranian tactics, benefiting from the oil price surge to fund his war in Ukraine.
Prime Minister Sir Keir Starmer has vowed to “de-escalate the situation” and is co-ordinating with world leaders. Cooper met Saudi ministers and addressed a Gulf Co-operation Council meeting on regional stability. Meanwhile, US President Donald Trump issued a new warning to Iran on Truth Social, stating his military has “unparalleled power”.
