Key insights
- The UN Security Council is set to vote on a resolution to protect commercial shipping in the Strait of Hormuz, a key oil transit route. China opposes authorizing the use of force. Rising geopolitical tensions in the Middle East, particularly involving Iran, have already caused a surge in oil prices, potentially contributing to inflationary pressures and negatively impacting US equities.
By David Brunnstrom and John Irish
April 2 (Reuters) - The U.N. Security Council is to vote on a Bahraini resolution to protect commercial shipping in and around the Strait of Hormuz, diplomats said on Friday, but veto-wielding China made clear its opposition to authorizing any use of force.
Two diplomats said the meeting of the Council’s 15 members and the vote were set for Saturday morning, rather than Friday as earlier planned. Friday is a U.N. holiday.
Oil prices have surged since the United States and Israel struck Iran at the end of February, unleashing a conflict that has run for more than a month and effectively closed the key shipping artery.
Diplomats said Bahrain, the current chair of the Security Council, finalized a draft resolution seen by Reuters that would authorize "all defensive means necessary" to protect commercial shipping.
Earlier on Thursday, Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani told the council that a vote would be held on Friday, "God willing", adding that Bahrain looked forward to a "unified position from this esteemed council."
Bahrain, backed in its efforts to secure a resolution by other Gulf Arab states and Washington, had previously dropped an explicit reference to binding enforcement in a bid to overcome objections from other nations, particularly Russia and China.
The draft seen by Reuters authorizes the measures "for a period of at least six months ... and until such time as the council decides otherwise."
However, in remarks to the Security Council on Thursday morning, China’s U.N. envoy Fu Cong opposed authorizing force.
Such a move would be "legitimizing the unlawful and indiscriminate use of force, which would inevitably lead to further escalation of the situation and lead to serious consequences," he added.
A fourth draft of the resolution was put under a so-called silence procedure for approval until Thursday noon (1600 GMT), but a Western diplomatic source said the silence had been broken, by China, France and Russia.
Diplomats said a text had subsequently been finalised, or "put in blue," which means a vote can take place.
A Security Council resolution requires at least nine votes in favor and no vetoes from the five permanent members, Britain, China, France, Russia and the United States.
Al Zayani said Iran’s "unlawful and unjustified attempt" to control international navigation in the Strait of Hormuz threatened global interests and required a "decisive response."
The secretary-general of the 22-member League of Arab States, Ahmed Aboul Gheit, told the Security Council it backed Bahrain’s efforts to secure a resolution.
On Thursday Britain hosted a meeting with more than 40 countries on efforts to reopen and ensure safe passage through the Strait of Hormuz and also expressed support for Bahrain’s move to secure a resolution on the issue.
On Wednesday, U.S. President Donald Trump vowed to continue attacks, but did not lay out a plan to re-open the strait.
That drove oil prices even higher, by fuelling concern that the United States might not take a major role in ensuring safe passage for shippers through the waterway.