Khamenei Vows to Keep Hormuz Shut as Netanyahu Issues Veiled Death Threat

A new chapter in the Iran-Israel conflict has opened with serious global economic consequences, as Iran's newly appointed Supreme Leader Mojtaba Khamenei vowed to maintain the closure of the Strait of Hormuz as a strategic pressure tool against the United States and Israel. His remarks, read aloud on state television amid uncertainty about his condition following Israeli airstrikes that killed his father and wife, signal that Tehran intends to fight on despite heavy losses.

Israeli Prime Minister Benjamin Netanyahu responded defiantly at his first press conference since the war began, issuing a thinly veiled threat against Khamenei while defending Israel's military campaign, which has claimed more than 2,000 lives — including nearly 700 in Lebanon, where Hezbollah continues trading fire with Israeli forces.

The Strait of Hormuz, a critical chokepoint carrying roughly one-fifth of the world's oil supply, remains blocked under Iranian pressure. Oil prices surged approximately 9% to $100 per barrel on fears the disruption could be prolonged. Iranian officials have floated the possibility of oil reaching $200 a barrel, a scenario U.S. Energy Secretary Chris Wright called unlikely but did not entirely dismiss.

Global financial markets responded sharply, with the S&P 500 recording its largest three-day decline in a month. Meanwhile, tankers caught fire at Iraq's Basra port following suspected Iranian drone boat attacks, and additional drone incursions were reported across Kuwait, Bahrain, Oman, and the UAE.

Despite U.S. President Donald Trump claiming victory and noting that higher oil prices benefit American producers, economists warn that sustained energy price spikes could trigger broad inflation. Treasury Secretary Scott Bessent indicated the U.S. Navy may escort commercial vessels through the strait once conditions allow.

Inside Iran, security forces have intensified their presence across major cities, and no organized public opposition has emerged while the country remains under military assault.