Iranian Foreign Minister says they are holding consultations to draft regulations concerning arrangements for the Strait of Hormuz in accordance with international law.

The Iranian Foreign Minister's statement about drafting regulations for the Strait of Hormuz suggests a potential shift in their approach to maritime security, which could impact global oil transportation. If these regulations facilitate safer passage in a historically tense area, it may reduce risk premiums on oil prices. However, how this plays out will depend on Iran's commitment to international norms and potential responses from other regional players.