GLOBAL OIL PRICES SURGE PAST $100 AS MOJTABA KHAMENEI EMERGES AS IRAN’S NEW SUPREME LEADER

Global oil prices have climbed above $100 per barrel for the first time since 2022, following rising tensions in the Middle East and a major leadership change in Iran.The surge comes after Mojtaba Khamenei, the son of the late Iranian leader Ali Khamenei, was named the new Supreme Leader of Iran by the country’s powerful clerical body, the Assembly of Experts.Oil markets reacted sharply to the development and the ongoing conflict involving United States, Israel, and Iran. Traders fear that escalating tensions could disrupt global oil supply routes, particularly through the strategic Strait of Hormuz, a narrow waterway that carries roughly one-fifth of the world’s oil shipments.Market data shows that Brent crude and West Texas Intermediate crude briefly crossed the $100 mark as investors reacted to the geopolitical uncertainty.Analysts warn that if tensions in the region continue to escalate or if shipping through the Strait of Hormuz is disrupted, global energy prices could rise further, potentially increasing fuel costs and inflation worldwide.