Pahlavi: «This Year to Be One of Victory Over Tyrannical Regime»
“This year, our Iran has lost dozens of its best sons and daughters in the battle against this tyrannical regime. We pay tribute to their pure souls, stand with their families, and create a solemn pact, with these valiant spirits and among ourselves, that this year will become the year of victory for the Lion and Sun Revolution in Iran.” This statement was made by the exiled son of the late Shah, Reza Pahlavi, in a message for the Iranian New Year published on his X profile. “Today, we welcome the new year in the midst of a patriotic struggle against the Islamic Republic of Iran, and in remembrance of all of Iran’s brave and immortal sons and daughters,” Pahlavi said, asserting that the past year “was a year of preparation for the final endeavor: a year of magnificent national solidarity, extraordinary courage, and great sacrifice; a year that brought us one step closer to final victory; a year that demonstrated that the determination of the Iranian nation to build a free and prosperous future is stronger than ever.” “This year, the Zahhak (a malevolent figure in Persian mythology) of our time was slain, yet his guards have not yet managed to bury him. In the year ahead, together we will bury this bloody regime once and for all,” Pahlavi added. “In these first moments of the new year, let us ignite our hearts with greater intensity, strengthen our unity, and march with ever-firmer steps toward a free and prosperous Iran.”
Inflation Fears Send Bund Yields to 2011 Highs
The yield on the 10-year German bund surged to a high of 3.03%, as the energy shock stemming from the conflict in Iran fuels concerns about rising inflation and, tighter monetary policy. A broad decline in debt prices is underway: the 10-year Treasury yield reached a high of 4.36%, the highest since July 2025, with investors now assigning a 50% probability to a Federal Reserve rate hike in 2026, rather than a cut as previously expected. In the Eurozone, swap rates indicate expectations of three rate increases in 2026, prompting the BTP-bund spread to exceed 91 basis points, reaching levels not seen since June 2025. The yield on the Italian 10-year bond, at 3.93%, is at its highest since December 2024.
Tehran Selling Transit Permits for Hormuz Strait, Awaiting Approval for 9 Chinese Tankers
Iran has authorized a limited number of container ships to transit the Strait of Hormuz, eight according to the Financial Times, nine according to Lloyd’s List. In addition to Iranian vessels, cargo ships from India, Pakistan, and Greece—representing 18 percent of recent passages—have navigated the 167-kilometer strait after undergoing inspections on the island of Larak. Nine Chinese tankers associated with Cosco remain anchored off Abu Dhabi awaiting permission to pass through the strait. “Several governments, including China, but also India, Pakistan, Iran, and Malaysia, have initiated direct contacts with Tehran, with the Revolutionary Guard, to coordinate the transit of ships,” Richard Meade of Lloyd’s List explained to AFP. A total of 3,200 ships are currently stalled in the area. Between March 1 and March 19, only 116 passages were recorded, a 95 percent decrease in traffic compared to normal conditions, according to data analyzed by the global energy analytics firm Kpler. Of these, 71 were tankers, more than half of which were laden and heading east. Last week, a slight increase in methane tankers was observed, according to Richard Meade, director of Lloyd’s List. An analysis by JP Morgan indicates that the majority of oil transiting the strait is destined for Asia, primarily China. The situation highlights the vulnerability of global energy supply routes amid heightened geopolitical tensions.
