PANews reported on March 12 that analyst Dara Doyle stated that the market interpreted the remarks of newly appointed Supreme Leader Mojtaba Khamenei as quite tough, with seemingly few signs that Iran is prepared to make concessions to the United States and Israel. In his first public statement since taking office, he stated that the Strait of Hormuz should remain closed and threatened to open new fronts in the war. This exacerbated market concerns about continued disruptions to supplies through key global oil chokepoints. US Treasury yields and oil prices rose sharply, stocks fell, and the dollar index rose to a new intraday high.