A senior Iranian lawmaker stated on Wednesday that the Strait of Hormuz « belongs to Iran » and emphasized it would « remain Iranian, » as the Iranian parliament reviews legislation concerning the management of this critical waterway. The strait is vital for global oil shipments. The proposed legislation aims to formalize Iran’s approach to managing the strait, potentially including new rules on passage and fees. International bodies argue that Iran cannot unilaterally control transit in the channel. Market pricing indicates a declining likelihood of normalization in Strait of Hormuz traffic by August 31, dropping to 9.5% from 12%.
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