Revision History

Iran's newly appointed Supreme Leader Mojtaba Khamenei has declared the Strait of Hormuz will remain closed as a "tool to pressure the enemy," escalating the worst global energy crisis since the 1973 oil embargo. The blockade, triggered by Operation Epic Fury on February 28, has sent WTI crude surging from $67 to nearly $100 per barrel in less than two weeks, prompting the IEA to authorize a record 400-million-barrel release from emergency reserves.