Evian, June 17 -- A new chapter in global maritime stability began on Wednesday as G7 leaders officially endorsed a multinational defensive coalition led by France and the United Kingdom, tasked with safeguarding the Strait of Hormuz following a peace deal between the United States and Iran.

In a formal declaration issued during the G7 Summit, leaders reaffirmed that "the right of unimpeded and duty-free transit passage is the cornerstone of international trade." The Strait of Hormuz, which facilitates a massive portion of the world's daily oil shipments, has been the epicentre of geopolitical volatility in West Asia.

To ensure the waterway remains open and secure, the G7 has thrown its weight behind the France-UK-led initiative. The Fr...