Iran's new supreme leader vowed to keep the Strait of Hormuz effectively closed on the 13th day of an ongoing conflict, while President Trump maintained a defiant stance despite U.S. efforts to curb rising oil prices. The critical shipping chokepoint remains blocked, disrupting global energy flows.
The Strait of Hormuz typically handles about 20% of global oil transit, making its closure a significant threat to worldwide energy security. Iran's commitment to maintaining the blockade signals an escalation in the standoff, complicating diplomatic efforts to resolve the crisis.
Brent crude oil traded near $100 per barrel following what traders described as one of the most volatile weeks in recent memory. Energy markets continue to experience severe disruption as investors brace for further upheaval while the strategic waterway remains impassable.
The prolonged closure threatens to push oil prices even higher, potentially triggering broader economic consequences including increased inflation and supply chain disruptions. Global energy companies are scrambling to secure alternative supply routes as the conflict shows no signs of immediate resolution.