Spokesman of the Economic Commission of the Parliament Memkan, in a conversation with Mehr, said it is necessary to redefine and strengthen Iran's strategic sovereignty over the Strait of Hormuz with the approach of economic diplomacy.

The statement from Iran's Economic Commission emphasizes the need to reinforce its strategic position in the Strait of Hormuz, a crucial chokepoint for global oil shipments.

Newsquawk StaffPublished 8 Apr 2026, 20:36 UTCOn the live feed at 20:16 UTC — 5 more headlines followed before this page went public

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Spokesman of the Economic Commission of the Parliament Memkan, in a conversation with Mehr, said it is necessary to redefine and strengthen Iran's strategic sovereignty over the Strait of Hormuz with the approach of economic diplomacy.

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It is necessary to calculate the optimal cost of services in the Strait of Hormuz according to international conventions.

Context

This call for a redefinition of economic sovereignty suggests potential implications for oil shipping costs and could heighten geopolitical tensions, impacting market perceptions and possibly leading to volatility in oil prices, particularly WTI.

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