France and Britain said on Friday that they would lead a multinational mission to ensure freedom of navigation in the Strait of Hormuz, while emphasising the force would be entirely defensive and only deployed once lasting peace in the region was agreed.

British Prime Minister Keir Starmer and French President Emmanuel Macron confirmed the force was being set up as they co-chaired international talks in Paris focused on ensuring free-flowing trade through the critical shipping corridor.

The conference, held mainly by video link, brought together a total of 49 countries from Europe and Asia, which were represented at various levels including dozens of heads of state and government.

Neither the United States nor Iran, as warring parties, took part in the meeting.

Iran imposed a blockade as soon as the US and Israel launched the war against the Islamic republic on February 28. The economic impact rippled worldwide, triggering inflation fears, concerns over fuel supplies and worries about food shortages.

But markets responded with relief when Iran’s Foreign Minister Abbas Araghchi said – in a social media post published while the Paris talks were in progress – that the Strait of Hormuz was now open to commercial vessels as long as a ceasefire in the Middle East lasts.