Investing.com -- S&P 500 futures spiked briefly and crude oil prices ticked lower Friday morning following a Financial Times report that France and Italy have opened talks with Iran seeking to secure safe passage through the Strait of Hormuz.

The discussions aim to negotiate a deal guaranteeing safe passage for European ships through the strait, according to people briefed on the efforts, in a bid to restart energy shipments from the Gulf. About a fifth of the world’s oil and liquefied natural gas normally flows through the narrow chokepoint.

Shipments through the strait have become negligible after Iranian attacks on tankers and a vow from Iran’s new supreme leader to keep it closed. European capitals have opened tentative discussions attempting to restart oil and gas exports without expanding the conflict, three officials briefed on the talks told the FT.

France is one of the countries involved in the talks, two officials said, while Italy has also made attempts to open discussions with Tehran on the issue. However, there is no guarantee the talks would progress or that Iran is willing to negotiate, two officials stressed.

European governments are concerned about any sustained blockage of the strait driving up energy costs for businesses and households. Oil prices have risen to about $100 a barrel from near $60 a barrel at the beginning of the year, while European natural gas prices have risen 75% over the same period.

Italy, France and Greece have warships in the Red Sea as part of the EU’s Aspides naval protection mission. However, no European navies are prepared to escort ships through Hormuz if there is a risk of attack, officials said, for fear of escalating the war.