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

Mojtaba Khamenei, Iran’s new supreme leader has said the Strait of Hormuz, a critical artery for global oil and commodity trade with Gulf countries will “remain closed” in his first public statement since succeeding his father who was killed at the start of the war between the United States, Israel and Iran.

In official statements distributed by the country’s local media, Khamenei also warned that Iran would continue on the offensive against US bases and allies in the Gulf and swore to “avenge the blood of Iranians.”

Two tankers were set ablaze in Iraqi waters, in an escalation of Iranian attacks that have cut off Middle East energy supplies, defying US President Donald Trump’s claim to have already won the war.

Visual content, reported by foreign media as having been filmed from the shore of the port of Basra, showed ships on fire. Iraqi authorities said the vessels had been attacked overnight by Iranian boats laden with explosives. At least one crew member was killed.

Roughly 20 percent of the world’s total oil and global Liquefied Natural Gas (LNG) pass through the Strait of Hormuz. After the fresh attacks, oil prices jumped due to reignited fears of longer disruption. Brent crude rose past $100 a barrel before settling a little under triple digits.

Read also: Nigeria’s $400m export route crumbles as major carriers shun Gulf ports

Ongoing strikes and failed assurances have forced shipping giants such as Mediterranean Shipping Company (MSC), Hapag-Lloyd, and Maersk to suspend bookings to and from major Gulf ports, including Saudi Arabia, the UAE, Kuwait, Iran, Iraq, Qatar, Bahrain, Oman, and Jordan.

Shipping lines have imposed extraordinary surcharges and suspended operations at these ports, forcing Nigerian exporters to use more costly and time-consuming shipping routes or risk forfeiting their shipments altogether, robbing Nigeria of crucial foreign exchange earnings.