Oil Prices Soar After Iran Names New Supreme Leader and Launches More Attacks

• Iranian state television announced that Mojtaba Khamenei, son of the late Iranian supreme leader, had been appointed as the country’s new leader as tensions escalated across the Middle East
• Saudi Arabia’s Defence Ministry said its forces intercepted multiple drones near the Jawf region and the strategic Shaybah oil field following attacks that killed two Bangladeshi nationals in Kharj
• The Israeli military said it carried out fresh strikes in Iran’s city of Isfahan targeting facilities linked to the Revolutionary Guard and the Basij volunteer force

Global oil prices surged on Monday, March 9, as tensions in the Middle East intensified following Iran’s announcement of a new supreme leader and the launch of fresh military attacks across the region.

The escalating conflict rattled financial markets and raised fears of renewed pressure on the global economy.

Iranian state television reported that Mojtaba Khamenei, the son of the late Iranian supreme leader, had been appointed as the country’s new leader. The development came shortly before Iran carried out additional attacks targeting Israel and several Gulf states.

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The latest escalation has unsettled investors, pushing oil prices sharply higher and triggering losses in Asian stock markets amid fears that rising energy costs could fuel inflation and weaken global consumer spending.

Oil market shaken as conflict deepens

Energy markets reacted swiftly to the growing instability in the Middle East, with oil prices jumping significantly during early trading on Monday.

Investors grew increasingly concerned that disruptions to energy supply from the oil-rich region could worsen inflationary pressures and dampen economic activity globally.

In Japan, the benchmark Nikkei 225 index dropped by as much as 7 per cent in early trading, reflecting widespread anxiety across Asian financial markets. Other regional indices also recorded notable declines as traders reacted to the mounting geopolitical risk.

Iran appoints Mojtaba Khamenei as new supreme leader

Iranian state television confirmed that Mojtaba Khamenei had assumed the role of supreme leader, a position that holds ultimate authority over the country’s political and military apparatus.

As leader, he will exercise considerable influence over the strategy of Iran’s powerful paramilitary Revolutionary Guard, which reports directly to the office of the supreme leader.

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During the broadcast, state media referred to him as “janbaz”, a term meaning wounded by the enemy, describing him as having been injured in the “Ramadan war”, the name used by Iranian media for the current conflict.

However, another analyst later suggested that the reported injury may instead date back to his service during the Iran-Iraq war in the 1980s. The differing accounts have not yet been clarified.

The announcement follows a devastating Israeli airstrike in Tehran on 28 February that reportedly killed Khamenei’s father and his wife. Since the outbreak of hostilities, Mojtaba Khamenei has not been publicly seen.

Drone attacks target Saudi Arabia

Saudi Arabia reported intercepting multiple drones early Monday after they were launched toward the kingdom.

The Saudi Defence Ministry said the drones were shot down in the northern Jawf region and near the vast Shaybah oil field, one of the country’s most significant energy facilities.

The interception occurred only hours after another attack in the Saudi city of Kharj killed two Bangladeshi nationals and injured 12 others. Authorities said all but one of the injured victims were also Bangladeshi.

In a strongly worded statement, Saudi Arabia warned Tehran that it would be the “biggest loser” if it continued to carry out attacks on Arab states.

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Attacks hit Bahrain and UAE energy infrastructure

Elsewhere in the Gulf, Bahrain reported that an Iranian attack sparked a fire near its main oil refinery complex.

The state-run Bahrain News Agency said the blaze occurred after “Iranian aggression targeting a facility in Maameer”, a village located next to the refinery. Officials reported material damage but confirmed there were no casualties.

Following the incident, Bahrain’s state oil company declared force majeure on its shipments, a legal step allowing it to suspend contractual obligations due to extraordinary circumstances.

Authorities, however, insisted that domestic fuel demand would continue to be met.

The United Arab Emirates also said its air defence systems were activated to intercept drones and missiles launched from Iran, marking the second attempted attack against the country on Monday, Associated Press reported.

Israel claims new strikes inside Iran

The Israeli military said it had carried out fresh strikes in the Iranian city of Isfahan, targeting facilities linked to Iran’s security forces.

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According to the Israeli statement, the operation hit command centres used by the Revolutionary Guard and the Basij volunteer force.

Israel also reported striking a rocket engine production facility as well as several missile launch sites in the area.

Trump gives condition for peace in war Iran

Legit.ng previously reported that amid a war that has ignited global concern, United States President Donald Trump on Friday, March 6, 2026, appeared to rule out talks with Iran unless it agrees to “unconditional surrender.”

Trump's latest comments were likely to raise further questions about the endgame of the war launched a week ago by the US and Israel.

Source: Legit.ng