"The lever of blocking the Strait of Hormuz must definitely be used,"Khamenei said of the waterway through which a quarter of world's oil andliquefied natural gas (LNG) usually transit. With Gulf states slashing production and oil tankers stuck in the Gulf,benchmark oil prices have risen 40-50 percent since the US and Israelattacked Iran on February 28, threatening to crimp growth and stokeinflation. - 'Mistake' -A top Iranian military figure warned on Wednesday that the country could wagea prolonged war that would "destroy" the world economy. US forces said they had struck 28 Iranian mine-laying vessels amid fears thatTehran could render the Strait of Hormuz unnavigable. - Oil prices spike again -Oil prices have soared past $100 a barrel despite an announcement thatleading consumer countries would authorise a record release of theirstrategic crude reserves in action coordinated by the IEA.

Source: Bangladesh Sangbad Sangstha March 12, 2026 14:44 UTC