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By Parisa Hafezi and Maya Gebeily DUBAI/BEIRUT, March 12 (Reuters) - Iran will fight on and keep the Strait of Hormuz shut as leverage against the United States and Israel, new Supreme Leader Mojtaba Khamenei said on Thursday in defiant first comments attributed to him since he succeeded his slain father. Hours later, Israeli Prime Minister Benjamin Netanyahu used his first press conference since the start of the war to make his own strong statement, issuing a veiled threat to kill Khamenei and defending the military assault on Iran.

Iran says it will not close Strait of Hormuz Amir Saeid Iravani, Iran’s ambassador to the United Nations, said Iran does not plan to shut the Strait of Hormuz, though he stressed Tehran’s right to safeguard the strategic waterway. Speaking to reporters at the UN, Iravani addressed remarks by Iran’s new supreme leader, Mojtaba Khamenei, who said earlier that the “lever of blocking the Strait of Hormuz must continue to be used”. “We are not going to close the Strait of Hormuz,” Iravani said. “But it is our inherent right to preserve the peace and security in this waterway.” In prepared remarks, he added that Iran remains committed to international maritime law. Iravani blamed the current tensions in the Gulf on US actions, saying instability in the region stems from “the destabilising actions of the United States in launching aggression against Iran and undermining regional security”.

Trump says US profits from oil price surge, as war on Iran drives prices higher US President Donald Trump has said the US stands to gain financially from rising oil prices triggered by the war with Iran, drawing criticism from some lawmakers. Oil prices climbed more than nine percent to around $100 a barrel as the conflict escalated. Reports said two crude tankers caught fire at an Iraqi port after suspected Iranian explosive boats struck them, while dozens of oil-laden ships remained stranded as the Strait of Hormuz stayed shut. Posting on social media, Trump wrote: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.” His remarks prompted backlash from Democrats, who argue the war is already pushing up fuel costs for ordinary Americans. Mark Kelly, a Democratic senator from Arizona, responded on X: “The only ones benefiting from gas prices skyrocketing are the big oil companies,” he wrote. “But it makes sense why Trump is happy about it because he's only ever cared about rich people.”

By threatening the Strait of Hormuz, Iran turns geography into a global economic weapon  Atlantic Council

Iran’s New Supreme Leader Vows to Continue Blocking the Strait of Hormuz  Foreign Policy

Oil settles up 9% as Iran vows to keep Strait of Hormuz closed  The Detroit News

Iran's new supreme leader vows to keep Hormuz shut in defiant first remarks  KSL.com

Strait of Hormuz will remain closed, Iran says  FOX 10 Phoenix

Iran's new supreme leader vows to block Strait of Hormuz in first statement  BBC

As oil prices rise, the US, Israel and Iran seem ready to keep fighting no matter the costs.

Iran vows to keep Strait of Hormuz closed in new leader's first statement  The Detroit News

Qatar cuts 50 percent of workforce at major LNG project over Israeli-US war on Iran Work at QatarEnergy’s huge North Field Expansion liquefied natural gas project has slowed sharply as the war on Iran enters its third week. A source familiar with the situation told Reuters that the workforce at the site has been reduced to below 50 percent, citing security concerns linked to the regional conflict. The development follows an earlier decision by Qatar to halt production at its existing 77 million tonnes-per-year LNG facility and declare force majeure on shipments. The North Field expansion is one of the world’s most important energy projects and aims to boost the country’s LNG output to 126 million tonnes per year by 2027. Qatar is currently the second-largest exporter of LNG globally, meaning disruptions to its projects could have wider implications for global energy markets already strained by the conflict.

Iran vows to keep Strait of Hormuz closed as new leader speaks  Honolulu Star-Advertiser

As the Strait of Hormuz stays shut, ships weigh a deadly choice  MS NOW

Vast release of emergency crude reserves fails to quell mounting fears about supply crunch, rattling markets Middle East crisis – live updates Oil markets are now facing the “largest supply disruption in history” as the war in Iran continues to block tankers from producing and shipping millions of barrels of crude each day, the world energy watchdog has warned. The International Energy Agency (IEA) said the supply shock ignited by Iran’s effective blockade of the strait of Hormuz meant the world faced a deeper crisis than after the Yom Kippur war of 1973 and the 2022 outbreak of war in Ukraine. Continue reading...

Tehran will keep strait of Hormuz closed and continue attacks on US assets, speech read out on state TV says Middle East crisis – live updates Iran issued its first message in the name of its new supreme leader, Mojtaba Khamenei, on Thursday, saying it would keep the strait of Hormuz closed and continue to attack US bases in the region. The missive was read out on state TV rather than delivered live or on video, however, and will do little to satisfy those seeking proof that the son of the late Ayatollah Ali Khamenei is actually alive. Continue reading...

New Iran Supreme Leader Mojtaba Khamenei says Strait of Hormuz must remain shut in first message: State TV  CBS News

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Iran has shuttered the crucial waterway and vowed to attack any ships that try to pass through

Iran’s new supreme leader vows to keep Strait of Hormuz closed  Financial Times