Britain is to seek to put together a European-led maritime mission to protect ships sailing through the Strait of Hormuz following the seizure by Iran of a British-flagged tanker.
Prime Minister Theresa May will lead a meeting of the U.K. government’s emergency committee on Monday to discuss the security of shipping in the Persian Gulf after Iran seized a British oil tanker in the Strait of Hormuz last week.
Iran's state TV is reporting that the country's paramilitary Revolutionary Guard forces have seized a foreign oil tanker accused of smuggling oil.
Iran's top leader has said his country will retaliate over the seizure of an Iranian tanker by British authorities.
The U.K. is in talks with the U.S. and other allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran.
An oil tanker run by BP Plc is being kept inside the Persian Gulf in fear it could be seized by Iran in a tit-for-tat response to the arrest by Gibraltar last week of a vessel hauling the Islamic Republic’s crude.
Abu Dhabi’s government oil producer received bids in the fourth quarter from international energy companies seeking stakes in offshore fields that pump about 25 percent of the Persian Gulf emirate’s crude.
Saudi Aramco, the world’s largest crude producer, plans to increase the capacity of its main cross-country pipeline by 40 percent as the company expands oil fields in the eastern part of the nation and builds refineries on the western coast.