Strait of Hormuz will remain closed as oil prices rise 

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Fourteen days into the war with Iran, the world is watching two things at the same time: missiles in the Middle East and money moving through the global oil market.  

Today Iran’s new supreme leader, Mojtaba Khamenei, issued his first message to the nation. And the message was unmistakable. Iran says it will keep the Strait of Hormuz blocked — one of the most important oil chokepoints in the world — and continue attacking U.S. bases in the region. In the statement attributed to him, the government said, “The lever of blocking the Strait of Hormuz must undoubtedly continue to be used.” It also vowed revenge for Iranian “martyrs,” referring to leaders and civilians killed since the U.S.–Israeli bombing campaign began.  

That narrow waterway between Iran and Oman normally carries about one-fifth of the world’s oil supply. When it closes, the global economy feels it almost immediately. Oil prices surged back above $100 a barrel before dipping again, and Americans are already seeing the........

© The Hill