The Iran war is showing no signs of easing, with Tehran's new Supreme Leader, Mojtaba Khamenei, stating that the Strait of Hormuz closure should continue as a means to pressure the enemy. This has led to a surge in oil prices, with Brent crude closing above $100 a barrel for the first time since August 2022. The U.S. Treasury Secretary, Scott Bessent, also announced that the Navy will begin escorting ships through the critical waterway as soon as possible. Both sides have hinted that the war could continue for longer.