Iran significantly closed the Strait of Hormuz in retaliation for U.S.-Israeli joint strikes that started last Saturday that killed Supreme Leader Ayatollah Ali Khamenei. The closure has tilted the oil and gas markets, with supplies now strained and nations scrambling to determine a backup plan. Iraq’s Ministry of Oil said Tuesday it would stop production in a key oil field because of disruptions in the strait.The White House position on Iran’s oil and its ultimate fate first surfaced on Friday when White House press secretary Karoline Leavitt appeared on Fox News, discussing the potential energy impacts of the war, which the administration has termed “Operation Epic Fury.
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