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Iran's new leader vows to keep blocking Strait of Hormuz
Posted
March 12, 2026
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March 12, 2026
23,544
323
79
1.71%
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9:30Now PlayingShelagh Fogarty speaks to Ivan Jimenez, President of the Port of Bilbao and energy expert Chris Bernkopf about the escalating crisis in the Middle East and the global economic fallout.
It comes as Iran’s new supreme leader Mojtaba Khamenei has vowed to keep blocking the Strait of Hormuz, one of the world’s most important oil routes, as attacks on cargo ships continue across the Gulf.
With around a fifth of global oil passing through the strait, fears are rising about energy prices, supply chains and inflation.
Jimenez explains how shipping routes are already shifting - “the duration of the routes will be increased by 10 to 15 days… so more cost, more risk… and at the end it will be inflation for everyone.”
Asked what his first concern was when the war broke out, he says simply: “Inflation, inflation, inflation.”
Bernkopf says the energy impact is already being felt.
“Oil and gas prices have already risen dramatically in the last two weeks,” he says, adding that “when gas prices rise dramatically, electricity prices rise as well.”
With attacks on ships continuing and no clear end to the conflict, Bernkopf says bluntly: “At the moment, there’s no end in sight.”
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#shelaghfogarty #oil #LBC #debate #hormuz #iran #straitofhormuz #shipping #news #trump #donaldtrump #oil
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