Iran’s supreme leader says closure of Strait of Hormuz should be used as leverage

UNDATED-AP- Iran’s new supreme leader vowed to keep attacking the country’s Gulf Arab neighbors and using its threat of closing the Strait of Hormuz as leverage. On Thursday (March 12, 2026), an anchor on Iranian state TV read Ayatollah Mojtaba Khamenei’s first statement since becoming supreme leader. Khamenei did not appear on camera. An Israeli assessment indicates he was wounded in the war’s opening salvo. Oil prices have spiked above $100 as Iranian strikes keep hitting ships, effectively shutting down Persian Gulf oil exports. The Pentagon says the first week of war cost the United States $11.3 billion.