Some Canadian oil industry and development leaders are suggesting Ottawa should reconsider the plan to sell the Trans Mountain pipeline to the private sector amid a spike in oil prices with no end in sight.

This comes at a time when global oil markets are rattled as a result of the Iran war and, more specifically, the closure of the vital Strait of Hormuz, with the International Energy Agency warning on Wednesday that the conflict is “depleting global oil inventories at a record pace.”

Mark Maki, the president and CEO of Trans Mountain, spoke on Monday at a Canadian Club event and said it’s a “sovereign pipeline” that operates almost entirely within Canada and that it’s an “incredibly strategic asset” to the country.