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It will not surprise you that this week’s missive focuses on the ongoing conflict in the Middle East. Iran’s new supreme leader, Mojtaba Khamenei, has issued his first public statement calling for the Strait of Hormuz to “remain closed”, signalling a hardening of Iran’s strategy. He also warned that Iran would continue targeting US bases in the Gulf, despite intelligence sources suggesting he has already been injured during the conflict. The closure of the strait—through whic