Oil tops $100 as markets plunge and Iran names new supreme leader
Mar 9th 2026
Global stocks fell sharply and oil surged after Iran appointed Mojtaba Khamenei as supreme leader, deepening fears about energy supply, regional escalation, and wider market turmoil.
- Oil briefly spiked to about $119 per barrel, pushing global prices above $100.
- Major indexes tumbled before the U.S. open with S&P 500 futures down over 1% and Asia hit hard, including Japan's Nikkei down about 5.2% and South Korea's KOSPI down about 6%.
- Iran appointed Mojtaba Khamenei, the son of its recently killed leader, as supreme leader, raising fears of further retaliation and escalation.
- G7 finance ministers are set to meet to consider releasing IEA emergency reserves, which amount to roughly one month of global supply.
- Bahrain Petroleum declared force majeure after attacks on regional refineries and desalination plants have also been reported.
- The U.S. evacuated government staff from Riyadh and Democrats are urging release of the U.S. Strategic Petroleum Reserve.
- Higher oil prices are likely to push U.S. pump prices above $4 per gallon and could increase inflationary and political pressure ahead of U.S. midterm elections.