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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.
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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.
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As the U.S.–Iran war intensified on Thursday, more oil tankers came under attack in Gulf waters, while Iranian drones crossed into Azerbaijan—raising fears that the conflict could spill over and pull more of the region’s major oil producers into the crisis.
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Maritime traffic through the Strait of Hormuz has nearly come to a standstill, with no oil shipments recorded in the past 24 hours as the escalating war in the Middle East disrupts one of the world’s most critical energy chokepoints.
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Marine insurers are pulling war-risk coverage for vessels as the escalating conflict with Iran rattles global shipping lanes. With at least three tankers damaged, one seafarer confirmed dead, and roughly 150 ships stranded near the Strait of Hormuz, oil shipping rates are poised to climb even higher—intensifying pressure on an already fragile energy 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.
