The area of the Gulf is synonymous not onlyto the huge amount of resources but also to the fact that it resembles to the setting of inexorable disputes and fights. The disputes in the Gulf emanate from various reasons, namely religious, factious, national and racial. Undoubtedly, disputes over sovereignty, boarders and resources have human, economic, environmental and cultural cost. It may be suggested that the evolution and the continuity of such disputes in the region mainly consists an effect of a perpetual quest for power and resources. Iran consists one of the fundamental powers in the region, which attempts to establish its terms and status quo. At the same time the Caspian Sea tends to provide rich resources to Iran as well. However, are these resources enough to render Iran regional hegemony? The present study examines this scenario in light of the newly adopted Convention on the legal status of the Caspian Sea between the five littoral states
