Iran’s new supreme leader vows to keep blocking Strait of Hormuz

Leadership Transition in Iran Following the assassination of Ayatollah Ali Khamenei on February 28, 2026, during joint U.S.-Israeli airstrikes (dubbed "Operation Epic Fury"), Iran underwent a swift and tense succession process:

• Appointment: On March 9, 2026, the 88-member Assembly of Experts officially appointed Mojtaba Khamenei, the late leader's second son, as the new Supreme Leader.
  
  
• Defiant Stance: In his first major public address on March 12, Mojtaba Khamenei took an aggressive tone, vowing to keep the Strait of Hormuz closed—a move that effectively blockades one of the world's most vital energy chokepoints.
  
  
• Demands: He has demanded the immediate closure of all U.S. military bases in the Middle East and threatened continued "retaliation" for the "blood of martyrs," seeking compensation for damages or the seizure of "enemy property."

Market & Energy Impact The closure of the Strait and subsequent attacks have sent shockwaves through global energy markets:

• Oil Prices: Brent crude surged past $100 a barrel shortly after the announcement and has since climbed toward $120 as supply fears intensify.
  
  
• Iraqi Shutdown: Following a deadly drone/missile attack on a vessel at the Basra port on March 12, Iraq halted operations at all its oil terminals. This has removed approximately 3.3 million barrels per day from the global supply.
  
  
• Shipping: Maritime traffic through the Strait has dropped to nearly zero as insurance rates spiked 400% to 600%, and major firms suspended operations in the Persian Gulf.

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