Iran military says control over Hormuz to bring significant economic revenues

TEHRAN: Iran’s military spokesman said on Wednesday that Tehran’s control over the Strait of Hormuz could generate “significant” economic revenue and strengthen the country’s international position.

Iran has largely blocked shipping through the strait since the outbreak of war with the United States and Israel on February 28.

In peacetime, the route accounts for roughly a fifth of global oil and liquefied natural gas shipments, along with other key commodities.

Iran’s grip over the waterway has rattled global markets and given Tehran significant leverage, while the United States has imposed its own naval blockade on Iranian ports despite a fragile ceasefire in place since April 8.

“Our oversight of the Strait of Hormuz will generate significant economic revenues for our country – potentially even doubling our oil income – and will strengthen our influence on the international stage,” military spokesman Mohammad Akraminia said, according to ISNA news agency.

He added that the western part of the strait was controlled by the naval forces of the Revolutionary Guards, while the eastern section was overseen by the Iranian navy.

Iran’s control over the strait remains one of the key sticking points in negotiations with the United States, which have so far failed to produce a breakthrough.

On Wednesday, Ebrahim Azizi, head of the Iranian parliament’s national security commission, said his committee had finalised a plan to manage the waterway.

“The Islamic Republic of Iran intends to use this strategic position as a lever of power through strategic management of the Strait of Hormuz,” he said, according to state television.

Last month, Iranian deputy speaker of parliament Hamidreza Hajibabaei said Tehran had received its first revenues from tolls imposed on vessels crossing the strait.