LONDON -- British Prime Minister Keir Starmer said Wednesday that Britain will host an international summit this week on restoring freedom of navigation in the Strait of Hormuz.

Speaking at a morning press conference, Starmer said Foreign Secretary Yvette Cooper would host the meeting of international leaders as part of efforts to address the growing economic impact of the conflict in the Middle East.

He said Britain would not be drawn into the conflict and stressed that the best way to deal with rising living costs was to push for de-escalation and ensure the Strait of Hormuz is reopened.

"To that end, we are exploring each and every diplomatic avenue that is available to us," he said.

Starmer also warned of economic pressure stemming from the situation, saying the outlook would depend on how long the conflict lasts and how quickly the Strait of Hormuz reopens.

US President Donald Trump said on Tuesday he is not ready "quite yet" to withdraw US military support from efforts to force Iran to reopen the Strait of Hormuz, a critical artery for global oil and fuel flows, while urging allies to take on a greater role.