Iran’s New Supreme Leader Vows To Keep Blocking Strait Of Hormuz As Oil Prices Surge
In his first message since taking power, Iran’s new supreme leader, Mojtaba Khamenei vowed that Iran will continue military strikes and keep blocking the Strait of Hormuz, which carries about 20% of the world’s oil supply.
IN HIS WORDS: The written statement was read on Iranian regime TV by a news anchor. There was no video, photos, or audio released of Khamenei, who was reportedly injured in the initial U.S.-Israeli military strikes, and hasn’t been seen since he was appointed to the role.
The statement also warned that Iran could continue targeting U.S. military bases in nearby countries if they are used in attacks against Iran.
“The lever of blocking the Strait of Hormuz must continue to be used," he wrote, while also noting Iran would not stop "avenging the blood of the martyrs."
🛢️ IMPACT ON OIL PRICES: His statement and the prolonged oil blockade are causing prices to continue to climb. Americans are paying nearly $3.60 per gallon — up about 60 cents from before the war. Iran warned Wednesday that the price per barrel could climb to $200. Right now, they are about $100 per barrel.
The International Energy Agency said the world is facing the “largest supply disruption in the history of the global oil market.”
⛽️ At the gas pump: Crude oil is refined into gasoline, which means that the price of crude oil is one of the biggest factors when it comes to the price of gasoline. When oil prices go above $100 per barrel, analysts note that the price of gas in the U.S. usually jumps to about $4 a gallon.
Will anything help? The Trump administration said Wednesday that it also plans to release 172 million barrels from the U.S. Strategic Petroleum Reserve, though analysts say that will only modestly lower gas prices.
The stockpile is less than 60% full after President Biden tapped into it in 2022, now holding 415 million barrels. The White House has also signaled that the U.S. Navy could escort commercial tankers through the strait if needed.
The White House has also signaled that the U.S. Navy could escort commercial tankers through the Strait of Hormuz at some point.
WHO IS MOJTABA KHAMENEI?Khamenei has not appeared publicly since being appointed Monday to replace his father, Ali Khamenei, who was killed in Israeli airstrikes in Tehran at the start of the U.S.–Israeli military bombing campaign on Feb. 28. His mother, wife, and daughter were also killed in the strikes.
NEW BOSS, SAME AS THE OLD BOSS: The 56-year-old leader reportedly holds even more extreme views than his father, and was pushed through the appointment process by the hardline Iranian Revolutionary Guard wing.
WHAT WE KNOW ABOUT HIM: The new Atlantic piece, “The Iranian Regime Doubles Down,” by Karim Sadjadpour, a senior fellow at the Carnegie Endowment for International Peace, says Khamenei is also less capable than his father.
He reportedly has limited public speaking ability, weak interpersonal skills, and, unlike his father — known for reading widely, including Western literature — Mojtaba is described as a weak student who focused mostly on Islamic texts and Persian poetry and reportedly does not speak English.
His father, who endured prison and persecution during the revolution, amassed about $100 billion in wealth — partly from assets taken from religious minorities who fled Iran. Mojtaba is about 30 years younger and was not part of the revolution. He’s reportedly built an overseas fortune exceeding $150 million.
“When people hear his maiden speech as leader,” Sadjadpour’s source in Tehran said, “they will see his lack of presence.” However, the source notes that after losing his family, “He’s bloodthirsty now” and doubly committed to the Islamic Republic’s vision.