Investing.com -- Former Defense Secretary Lloyd Austin said the US Navy has the capability to open the Strait of Hormuz, but maintaining access to the critical waterway would require support from international partners.

Austin, who served as defense chief under former President Joe Biden, made the remarks at the HSBC Gulf Cooperation Council Exchanges Conference in London.

"Certainly, the United States Navy could open the Strait of Hormuz," Austin told Bloomberg's London Bureau Chief Ruth David. "Holding it open for a long period of time would be pretty costly and so we'd like to see an international effort, if that's the case."

Austin emphasized that freedom of navigation through the strait is important to the entire globe, not just the United States. He now works as a national security consultant.

The former defense secretary identified Israel's ongoing attacks against Hezbollah militants in Lebanon as a major obstacle to diplomatic efforts. The attacks sparked direct clashes between Iran and Israel.

"We would like to see this ceasefire hold, so that we can get negotiations completed and then we can get the strait open again," Austin said. "It's important to not only the United States but the entire global economy. And so, the sooner we can do that, the better."

Iran and Israel have agreed to reduce strikes against each other after the recent violence threatened to derail US-Iran negotiations and prompted President Donald Trump to call for de-escalation.

On Taiwan, Austin said he does not believe Chinese President Xi Jinping wants to take the island by force. He warned that any conflict in the Taiwan Strait would have a much greater impact on the global economy than the current situation with the Strait of Hormuz.