Iran vows to secure Strait of Hormuz, urges diplomacy – Reuters

Early Wednesday, Reuters report that Iran smashed the UK’s effort to gather support for European-led naval mission to ensure safe shipping through the Strait of Hormuz.

The news report quotes updates from IRNA on the Iranian Deputy Foreign Minister Abbas Araqchi’s visit to Paris where he said that Iran will secure the Strait of Hormuz and not allow any disturbance in shipping in the key oil transport waterway.

FX implications

Iran’s diplomatic response to the UK’s latest retaliation could stretch present geopolitical tension between the economies, which in turn becomes oil positive.