Iran's newly appointed Supreme Leader Mojtaba Khamenei delivered his first public address on Thursday via state television, adopting a firm stance by pledging to continue the fight and maintain the blockade of the Strait of Hormuz as a key tool to pressure the United States and Israel. The conflict, triggered by a U.S.-Israeli airstrike on Iran on February 28, has resulted in over 2,000 deaths and caused one of the most severe disruptions to global energy supplies in recent history.

After a brief dip earlier in the week due to fleeting optimism, oil prices surged once again, surpassing the $100 per barrel mark amid growing concerns over prolonged supply disruptions.

In his speech, which was read aloud by a state television presenter, Khamenei called on Iran's neighbors to shut down U.S. military bases on their soil and warned that Iran would continue targeting these installations. "I assure everyone that we will not abandon seeking revenge for the blood of your martyrs," he stated. He emphasized that public demand supports continued and effective defense to make the enemy regret its actions, adding that leveraging the Strait of Hormuz blockade remains a necessary strategy. The strait, which runs along Iran's coastline, is a vital passage for approximately one-fifth of the world's oil shipments.

Iranian Foreign Ministry spokesman Esmaeil Baghaei indicated that limited transit might still be possible for vessels coordinating with Iranian naval forces. However, he noted that a return to pre-February 28 conditions is unlikely given the current situation.

Uncertainty over Strait transit deepened on Thursday when two oil tankers were set ablaze near Iraq's Basra port following suspected attacks by Iranian explosive-laden boats, leaving at least one crew member dead. Verified footage showed the vessels engulfed in large orange fireballs lighting up the night sky. Hours earlier, three other ships were targeted in the Gulf region, with Iran's Islamic Revolutionary Guard Corps claiming responsibility for at least one incident involving a Thai bulk carrier. A container ship near the UAE also reported being struck by an unidentified projectile.

These attacks are viewed as a direct challenge to U.S. President Donald Trump, who asserted on Wednesday that the United States had already won the war.

On another front, Israel escalated its offensive by launching an airstrike on a building in central Beirut, sending plumes of smoke over the Lebanese capital. Israel also ordered evacuations from another area in southern Lebanon after Hezbollah, backed by Iran, fired the largest barrage of rockets since the conflict began. The death toll has now exceeded 2,000, with nearly 700 fatalities reported in Lebanon.

President Trump downplayed the impact of rising oil prices, writing on social media that the U.S., as the world's largest oil producer, stands to gain financially from higher prices. He added that his primary focus as president is preventing Iran from acquiring nuclear weapons. Although the U.S. is a net oil exporter, it remains the largest consumer globally, and economists warn that sustained high oil prices could trigger broader inflation.

In a separate statement, Trump mentioned that Iran's men's national football team would be permitted to participate in the 2026 World Cup, co-hosted by the U.S., but added that it would be inadvisable for the team's own safety.

Overall, Khamenei’s first public address sets a firm tone for Iran’s stance, using the Strait of Hormuz blockade as a long-term pressure tactic and intensifying fears in global energy markets. With oil prices back above $100 per barrel, repeated port attacks, and drone incursions, there are no clear signs of de-escalation. Israel’s intensified strikes on Hezbollah and Trump’s remarks on benefiting from high oil prices underscore the military and economic deadlock among the involved parties.

The future trajectory of the conflict hinges on whether Strait transit resumes, military tensions between Iran and the U.S.-Israel alliance ease, and whether international diplomatic efforts yield results. A prolonged blockade would significantly amplify global supply chain disruptions and inflationary pressures, prompting investors to closely monitor the ripple effects of the energy crisis on financial markets.