Oil prices jump and markets slide as Iran names new supreme leader and digs in
People gather in a rally to support Ayatollah Mojtaba Khamenei, the successor to his late father Ayatollah Ali Khamenei as supreme leader, in Tehran, Iran, Monday, March 9, 2026. (AP Photo/Vahid Salemi)
DUBAI, United Arab Emirates (AP) — Oil prices surged and stock markets slid Monday after hard-line Ayatollah Mojtaba Khamenei was chosen to succeed his late father as Iran's supreme leader. His appointment, and new strikes on regional oil infrastructure, signaled that Iran was digging in 10 days into the war launched by the United States and Israel.
The war has choked off major supplies of oil and gas to world markets, led foreigners to flee from business hubs and prompted millions to seek shelter as bombs hit sites including military bases, government buildings, oil and water installations, hotels and at least one school.
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