Delegates from dozens of countries convened for an emergency meeting at the International Maritime Organization in central London Wednesday, as they search for solutions to protect shipping amid a spreading war in the Middle East.
The IMO is a UN agency. Representatives from all sides of the conflict are in the room. There are delegations from Israel, the U.S., Iran and many others.
This week the IMO was focused on trying to ensure the safety and security of shipping and the seafarers who are on board ships in the conflict zone.
Many of those ships need to pass through the Strait of Hormuz, a crucial global supply line that's only about 20 or so miles wide at its narrowest point. Iran has attacked ships in the straight, which has led to a massive reduction in the number of ships passing through.
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Delegates at the IMO are debating solutions. A word that has repeatedly cropped up is de-escalation. A lot of attending countries are saying that without an end to hostilities, it is going to be very difficult to secure the safety of international shipping in that part of the world. Until that happens, oil prices are likely to stay elevated.
Talks will continue into Thursday.
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