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Iran has a new demand to end the war – and it could bring in billions
When an Iranian official this week laid out a list of demands to end the war started by the United States and Israel, he added an item that hadn’t been on Tehran’s list before: recognition of Iran’s sovereignty over the Strait of Hormuz.
The narrow waterway through which a fifth of the world’s oil and liquefied natural gas (LNG) ordinarily passes has emerged as the Islamic Republic’s most potent weapon. And it is now seeking to turn into both a source of potentially billions of dollars in annual revenue and a pressure point on the global economy.
Iran and Oman drafting protocol to 'monitor' Hormuz Strait traffic: IRNA
Iran and Oman are drafting a protocol to "monitor transit" through the Strait of Hormuz, Iranian state news agency IRNA reported Thursday morning, citing an official.
Tanker traffic through the key oil-shipping route "should be supervised and coordinated" with the two countries, said Kazem Gharibabadi, Iran's deputy minister of legal and international affairs, according to a translation of IRNA's report.
 "Of course, these requirements will not mean restrictions, but rather to facilitate and ensure safe passage and provide better services to ships that pass through this route," Gharibabadi reportedly said.
U.S. stock indexes, which were trading sharply lower Thursday morning after President Donald Trump signaled that the Iran war will continue for weeks to come, suddenly turned higher following IRNA's report.
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