finance
Iran Says Control of Strait of Hormuz Would Double Oil Revenues
A spokesperson for Iran's armed forces stated that resilience by the country's people and military prevented an enemy from achieving its goals. The spokesperson added that controlling the Strait of Hormuz would generate economic revenues twice as high as current oil income. The statement also cited strengthened foreign policy power as an additional outcome.
May 13, 7:24 AM·1m read2 sources
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A spokesperson for Iran's armed forces said that the country's people and military stopped an enemy from achieving any goals through their resilience. The spokesperson stated that controlling the Strait of Hormuz would bring economic revenues twice as high as oil income while strengthening foreign policy power. The remarks were reported on Wednesday as tensions in the region continued.
The Strait of Hormuz is a critical chokepoint for global oil shipments, with roughly one-fifth of the world's seaborne crude passing through it on any given day. Officials have previously described the waterway as a strategic asset. Full control of the strait would affect energy markets and international shipping routes that connect Middle East producers to Asia, Europe and beyond.
The statement did not specify how control would be established or maintained. It also did not identify the enemy referenced or detail any recent actions that were stopped.
