Iran's New Leader Vows Strait of Hormuz Closure Amid Escalating Attacks
Analysis based on 61 articles · First reported Mar 12, 2026 · Last updated Mar 12, 2026
The ongoing conflict, particularly Iran's closure of the Strait of Hormuz and attacks on oil infrastructure, has caused global oil prices to soar above $100 a barrel, leading to significant disruption in global energy supplies. Financial institutions like Citigroup===Citibank and HSBC are also affected, with branch closures in the Middle East, indicating broader economic instability.
Mojtaba Khamenei, the new Supreme Leader of Iran, has declared that Iran will avenge its martyrs, keep the Strait of Hormuz closed, and attack United States bases, marking a significant escalation in the ongoing conflict. This defiance comes after two tankers were set ablaze in an Iraqi port by suspected Iranian explosive-laden boats, and other ships were struck in the Gulf, including a Thai bulk carrier. The Islamic Revolutionary Guard Corps has claimed responsibility for some of these attacks. The war, initiated by a United States-Israeli bombing campaign, has caused the biggest disruption to global energy supplies in history, with oil prices soaring above $100 a barrel. Despite United States President Donald Trump's claims of victory and attempts to calm markets, Iran's strategy is to impose a prolonged economic shock. Drones have been reported flying into Kuwait, Iraq, the United Arab Emirates, Bahrain, and Oman, and Hezbollah has fired rockets into Israel, prompting Israeli strikes on Lebanon===Beirut. Citigroup===Citibank and HSBC have also begun shutting branches in the region due to security concerns.
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