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Deputy Foreign Minister for Legal and International Affairs of Iran Gharibabadi says US draft plan about Strait of Hormuz shows an attempt to change the face of the issue

Gharibabadi's remarks signal escalating tensions regarding navigation rights in the Strait of Hormuz, a critical chokepoint for global oil supply.

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  • Considered this action to be an attempt to change the face of the issue, and said that while Iran is the target of threats, pressure and attacks, some are trying to turn the consequences of a military aggression and illegal blockade into a case against Iran.
  • Emphasized that freedom of navigation is an important principle in international law, but it cannot be interpreted selectively and separately from the United Nations Charter, and any plan that is presented without referring to aggression, blockade, threat of force and Iran's legitimate rights to defend its security and vital interests regarding the situation in the Strait of Hormuz will be incomplete, biased and doomed to failure.
Context

By framing U.S. proposals as biased and dismissive of Iran's security concerns, this could heighten geopolitical risk, potentially impacting oil prices and related currencies. Traders should watch for market reactions in commodities and forex, particularly with respect to energy prices and safe-haven assets.

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