Edited By BRIDGET BROWN, DAVID COHEN, BRIAN P. D. HANNON, HRVOJE HRANJSKI, MICHAEL WARREN, LUENA RODRIGUEZ-FEO VILEIRA and DREW CALLISTER (Associated Press)
•3/12/2026

Ayatollah Mojtaba Khamenei issued his first statement on the war Thursday — read by a state television news anchor — vowing to avenge not just the killings of his father and other leaders by the U.S. and Israel, but that of every Iranian who has died in this war.
“I assure everyone that we will not refrain from avenging the blood of your martyrs,” his statement said. “The retaliation we have in mind is not limited only to the martyrdom of the great leader of the Revolution; rather, every member of the nation who is martyred by the enemy constitutes a separate case in the file of revenge.”
The Iran war threatens some of the world’s most critical oil and gas infrastructure — the pipelines, refineries, and shipping terminals that keep energy flowing from the Persian Gulf region to the global economy.
Strikes by Iranian drones and missiles have disrupted some operations, while the risk of Iranian strikes has effectively closed the Strait of Hormuz, the conduit for some 20% of the world’s oil and liquefied natural gas. Oil fields in the region have cut back output as storage fills up.
All that is raising the cost of everything that needs fuel made from crude: flying, cooking, heating homes, running factories, transporting goods, and farming.