Iran's Supreme Leader Mojtaba Khamenei issued a defiant statement Thursday, rejecting US President Donald Trump's naval blockade and declaring a 'new chapter' for the Persian Gulf. He said the US suffered a 'disgraceful defeat' and that Iran now controls shipping through the Strait of Hormuz. Oil prices hit a four-year high of $126 a barrel before easing.
The US blockade, imposed April 13, has intercepted 42 vessels attempting to violate it, with officials estimating 69 million barrels of oil-worth over $6 billion-are now stranded. President Trump has told aides to prepare for a prolonged blockade to force Tehran to surrender its nuclear program.
Iran's economy is reeling, with the rial at historic lows. But the regime retains its chokehold on the Strait of Hormuz, through which about 20% of global oil passes. Tehran has offered to ease restrictions if Washington lifts the blockade and broader talks begin.
Meanwhile, violence continues on Lebanon's front despite a ceasefire. Israeli strikes killed nine people in southern Lebanon Thursday, including two children.