Iran’s new Supreme Leader, Mojtaba Khamenei, has released his first statement since succeeding his father, declaring that the Strait of Hormuz will remain closed. This led to a spike in oil prices, with Brent Crude oil rising to an intraday high of $100 on the back of his statement.
BREAKING: Iran Declares Strait of Hormuz Will Remain Closed, Oil Prices Spike
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12 March 2026 14:58, UTC
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