Story perspectives

Iran Closes Strait, Oil Prices Surge, Global Crisis Looms

3/13/2026

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Summary

Story summary

Iran's new Supreme Leader Mojtaba Khamenei says the Strait of Hormuz will stay closed as pressure.
The closure disrupts oil supplies, driving Brent crude above $100.
Economists warn fertilizer exports could trigger a food crisis, as 30% of global fertilizer trade passes through the strait.
In Iraq, oil exports have plummeted, risking government revenue and payrolls.
Gulf states face escalating Iranian missile and drone attacks, threatening security and stability.

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Story summary

Iran's new Supreme Leader Mojtaba Khamenei says the Strait of Hormuz will stay closed as pressure.
The closure disrupts oil supplies, driving Brent crude above $100.
Economists warn fertilizer exports could trigger a food crisis, as 30% of global fertilizer trade passes through the strait.
In Iraq, oil exports have plummeted, risking government revenue and payrolls.
Gulf states face escalating Iranian missile and drone attacks, threatening security and stability.