With a fifth of the world’s oil passing through the Strait of Hormuz, the shipping industry regards the narrow channel as one of the most important trading lanes in the world. Following Iran’s detention of a British oil tanker last Thursday, a top maritime intelligence firm head has claimed that shipping companies will be reluctant to use British-flagged vessels to transport their wares. Philip Diacon, who heads up Dryad Global, claimed that his global clients have already started talks with China as they seek to avoid being caught up in regional tensions.
He said: “This obviously did, to an extent, catch the UK by surprise.
“The shipping industry was not really prepared for this.
“Normally it’s the British-flagged, US-flagged and Saudi-interest vessels that are the most likely to be targeted.
“We are starting to see talk of moving to Chinese-flagged vessels.”
With Beijing and Tehran sharing warm relations in recent years, companies can be fairly secure in the knowledge that Tehran will let Chinese ships operate in the Strait.
It will come as a huge diplomatic blow to Westminster, amid widespread wariness over ceding more geopolitical ground to Beijing.
China being more deeply involved in the Gulf region – joining Russia – could tip the balance of power in Iran’s favour.
Meanwhile, Foreign Secretary Jeremy Hunt yesterday called for a joint European task force to protect British vessels in the waters.
He said: “It is with a heavy heart that we are announcing this increased international presence in the Gulf because the focus of our diplomacy has been on de-escalating tensions in the hope that such changes would not be necessary.”
A powerful Royal Navy Type 45 destroyer is also on its way to the Persian Gulf as Britain beefs up its military deterrent in the region – but Mr Diacon hinted that shipping companies may still be unwilling to take the risk.
Iran’s seizure of the British oil tanker came in response to its own tanker – which Britain claims was on its way to Syria in violation of EU sanctions – being detained.
Iran’s foreign minister Javad Zarif attempted to quell tensions between Britain and Tehran yesterday ahead of Boris Johnson’s likely premiership.
He said: “It is very important for Boris Johnson as he enters 10 Downing Street to understand that Iran does not seek confrontation.
“Iran wants normal relations based on mutual respect.
“Everybody understands that starting a conflict may be easy, but ending it would be impossible.”
The Strait of Hormuz has been at the centre of tension in recent months, with Iran being accused of attacking two oil tankers on separate occasions in May and June.