Iran’s Supreme Leader Warns of Larger War if US Aggression Repeats

The Supreme Leader's explicit framing of Hormuz control and regional base strikes as retaliatory, paired with a promise of a broader response, shifts the risk from episodic confrontation to a stated escalation ladder — a meaningful signal for oil and shipping markets that price Gulf transit risk. The immediate audience is regional military planners and energy traders rather than crypto or RWA holders, though a wider conflict would transmit through energy prices and risk appetite. The open question is whether this rhetoric stays declaratory or is matched by observable moves around Hormuz.