March 13, 2026
Iran’s new Supreme Leader, Mojtaba Khamenei, has announced that Iran will maintain an oil blockade in the Strait of Hormuz as leverage against the United States and Israel until attacks on its interests stop. The blockade has already disrupted global oil supplies, significantly spiking crude oil prices and shipping insurance premiums. Additionally, he also stated that the country would continue targeting US bases in the region and warned neighbouring countries to close the bases as soon as possible. The situation presents severe risks to maritime operations, energy markets, and personnel safety in the Gulf region, with potential for further escalation.