As the conflict between the US, Israel, and Iran in the Middle East intensifies, Iran's newly appointed Supreme Leader Mojtaba Khamenei delivered his first public address on state television on Thursday. He declared in a hardline stance that the fight would continue and that blocking the Strait of Hormuz would be a key bargaining chip in pressuring the US and Israel.

The war, which began on February 28 with the US-Israeli airstrikes on Iran, has resulted in more than 2,000 deaths and is one of the most serious disruptions to global energy supplies.

Oil prices surged again, breaking through the $100 per barrel mark, after a brief dip in optimism earlier this week, as market concerns about prolonged disruptions continued to intensify.

The new leader has taken a firm stance: to avenge the martyrs to the bitter end.

Mojtaba Khamenei did not appear in person; his speech was read by a presenter from Iranian state television. No official footage of him has been released since the initial Israeli airstrikes that killed his father, wife, and most of his relatives in the early stages of the war. Iranian officials stated that he sustained minor injuries in the initial airstrike on February 28, but details of his injuries have not yet been released.

His tone was extremely tough. Mojtaba Khamenei called on Iran's neighbors to close US military bases on their territories and warned that Iran would continue to strike these bases.

He stated, "I assure everyone that we will not give up avenging the blood shed by your martyrs." He added, "The people demand that we continue our effective defenses and make the enemy regret their actions. We must continue to use the strait blockade as leverage." The Strait of Hormuz, located along the Iranian coast, is a crucial passage for approximately one-fifth of the world's oil shipments.

Iranian Foreign Ministry spokesman Esmaeil Baghaei said that partial passage is still possible if ships coordinate with the Iranian navy. He added, "Given the current situation, we cannot generally return to the state before February 28."

Attacks on the Strait of Hormuz and its ports exacerbate the energy crisis.

The navigation conditions in the Strait of Hormuz remain unclear.

On Thursday, two oil tankers caught fire after being attacked by suspected Iranian small boats laden with explosives in the Iraqi port of Basra, killing at least one crew member. Verified footage showed the ships engulfed in massive orange fireballs that illuminated the night sky. Hours earlier, three other ships in the Gulf region were attacked, with Iran's Islamic Revolutionary Guard Corps claiming responsibility for at least one: a Thai bulk carrier was set ablaze. A container ship near the United Arab Emirates was also reported to have been struck by an unidentified projectile.

These attacks are seen as a blatant provocation against US President Trump, who on Wednesday declared that the US had won the war.

Oil prices surged again on concerns about supply disruptions, after briefly retreating earlier this week on expectations that the conflict might end quickly.

Israel escalates its offensive, Hezbollah unleashes a barrage of rockets.

On another front, Israel launched an airstrike on a building in downtown Beirut on Thursday, sending plumes of smoke into the Lebanese capital. Israel also ordered the evacuation of residents from another area in southern Lebanon after the Iranian-backed Hezbollah group launched its largest rocket attack of the conflict so far, further escalating Israel's offensive against the group.

The war has so far claimed more than 2,000 lives, with nearly 700 of them in Lebanon.

Trump downplays the impact of oil prices: The US benefits from high oil prices

More drones have flown into Kuwait, Iraq, the UAE, Bahrain, and Oman, contradicting US and Israeli claims that they have destroyed most of Iran's long-range weapons stockpile. Iran has previously stated that it will not resume oil transport through the Strait of Hormuz until the US and Israeli attacks cease.

Trump downplayed the impact of rising energy prices, writing on social media: "The United States is the world's largest oil producer, far more than any other country, so when oil prices rise, we make a lot of money." He added, "As president, my focus and priority is preventing the evil empire of Iran from acquiring nuclear weapons."

Although the United States is a net oil exporter, it remains the world's largest oil consumer. Economists warn that persistently high oil prices will trigger widespread inflation.

In another instance, Trump stated that the Iranian men's national football team could participate in the 2026 World Cup, which is co-hosted by the United States, but added that it would be inappropriate "out of concern for their own safety."

Overall , Mojtaba Khamenei's first public statement, adopting a hardline stance and using the Strait of Hormuz blockade as a long-term tool for pressure, further exacerbated panic in global energy markets. Oil prices rebounded above $100, and frequent port attacks and drone infiltrations indicate that the conflict shows no signs of abating. Israel's escalating attacks on Hezbollah and Trump's claim of benefiting from high oil prices highlight the stalemate in the military and economic game between the parties.

The future situation is highly dependent on whether passage through the Taiwan Strait will resume, whether the military standoff between Iran and the US and Israel will de-escalate, and the actual effectiveness of international diplomatic mediation. If the blockade continues, global supply chain and inflationary pressures will be significantly amplified, and investors need to be highly vigilant about the chain reaction of the energy crisis on financial markets.


Brent crude oil daily chart source: EasyForex

At 9:29 AM Beijing time on March 13, Brent crude oil futures were trading at $99.86 per barrel.