France and Saudi Arabia call for normal navigation in Strait of Hormuz

On Monday, French President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman jointly urged an end to the current impasse at the Strait of Hormuz. They both condemned attacks on vessels and threats to the security of waterways, emphasizing the need for its return to a normal state. The statement from both nations highlighted the importance of freedom of navigation, regular shipping traffic, and absence of tolls or restrictions, as per international law.

This call for normal navigation followed the US announcement of expanding secondary sanctions against Iran, aimed at compelling it to cease attacking ships in the Strait. US Treasury Secretary Scott Bessent warned that countries have a deadline to cease their dealings with Iran, or risk losing access to the dollar-based financial system.

Iran had previously closed the Strait following a joint US-Israeli attack in late February, causing significant disruption to global oil trade. In response, France and Saudi Arabia appealed for a negotiated resolution to the Iran issue, including its nuclear program, to prevent further escalation and maintain regional stability.

The two leaders also discussed other regional issues, such as Israel, Palestine, Lebanon, and Syria. During the visit, four business and defense agreements were signed, including a $6 billion Saudi investment in building manga-themed amusement parks near Paris and strengthening defense partnerships. Additionally, a €434 million ($506 million) contract was signed by French shipping giant CMA CGM with Saudi Arabia's Red Sea Gateway Terminal to develop a terminal in Jeddah, and Alstom signed a €500 million deal to develop two metro lines in Riyadh.

Saudi Aramco, the world's top oil exporter, signed agreements with several French companies potentially worth over $3.7 billion, including procurement deals for drilling equipment and oil-related goods, as well as exploration of industrial AI technologies.