global oil market

Iran will press on with its fight and keep the Strait of Hormuz closed, using the vital waterway as leverage against the United States and Israel, the country’s new Supreme Leader, Mojtaba Khamenei, declared on Thursday.

The Trump administration unveiled a $20 billion reinsurance program designed to jump-start shipping through the Strait of Hormuz, where traffic has nearly ground to a halt amid U.S. and Israeli strikes on Iran.