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He who controls the Strait, controls the universe. As the war in Iran reached its 13th day, liquid gold remained firmly in the spotlight as the largest oil supply disruption in history continued in the Persian Gulf. Making his first public comments this morning, Iran’s new Supreme Leader Mojtaba Khamenei declared that the Strait of Hormuz will remain closed as a “tool to pressure the enemy.” The situation in the vital oil chokepoint has shown no signs of improving as six ships were fired upon trying to cross in the past 48 hours. That news, paired with Energy Secretary Chris Wright announcing that the US Navy was “not ready” to escort tankers through the waterway, sent oil prices climbing yet again. US crude rose 9.7% to settle at $95.73 per barrel, while the international benchmark, Brent, gained 9.2% to close over $100 per barrel for the first time since August 2022. Back on Wall Street, with no signs of an end to the fighting anytime soon, and fears of higher inflation due to rising oil prices, investors were wary of buying the dip today. All three major averages fell, with the Dow tumbling to a new 2026 low, and the S&P 500 closing at its lowest level since November. 📸 : ‘Dune: Part One’