CNN 5 Things Supreme Leader Statement, Emergency Oil, USA Baseball Barely Advances and more
Mar 12, 2026
A dramatic statement from Iran's new supreme leader is read amid continued bombardment. Oil prices spike as attacks near the Strait of Hormuz raise supply concerns. The U.S. taps the Strategic Petroleum Reserve and plans naval escorts for tankers. Severe storms ravage the Central and Eastern U.S., leaving destruction across many states. Italy's win keeps Team USA alive in the World Baseball Classic.
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New Supreme Leader Frames Threats And Leverage
- Iran's new supreme leader, Ayatollah Mojtaba Khamenei, signaled hostility while claiming friendship with neighbors.
- State TV read his statement saying Iran targets U.S. bases, demands compensation, and will keep the Strait of Hormuz closed as leverage.
Fuel Attacks Trigger Historic Oil Market Strain
- Attacks on fuel infrastructure pushed oil above $100 a barrel and choked the Strait of Hormuz, prompting IEA warnings of historic supply disruption.
- Despite a 400 million barrel coordinated release, prices stayed high and the U.S. released 172 million barrels from its reserve.
Expect Tanker Escorts Only After Military Priorities Shift
- U.S. military escorts for commercial tankers are not yet available while assets focus on degrading Iran's military capability.
- Expect escorts later once military resources permit, per U.S. Energy Secretary Chris Wright's statement.