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Home - Economy & Business - Crude Awakening: $100 Oil Convulses Global Markets
Economy & Business

Crude Awakening: $100 Oil Convulses Global Markets

By Admin09/03/2026Updated:11/03/2026No Comments1 Min Read
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Stocks tumble as oil soars past $100 a barrel
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Iran’s high-ranking clerics have designated Ayatollah Mojtaba Khamenei, the departed supreme leader’s second son, as his father’s heir.

During the predawn hours of Monday morning, local time, the Council of Experts – a religious council tasked with this designation – declared that most members had cast their ballots for the 56-year-old divine to assume the role of the Islamic republic’s third head.

The council furthermore urged the Iranian populace, its ruling class, academics and thinkers, and high-ranking religious figures to pledge their loyalty to the newly appointed leader.

The elder Khamenei, Ayatollah Ali Khamenei, who had governed Iran since 1989, perished slightly more than seven days prior in US and Israeli aerial assaults targeting the top spiritual guide’s residential complex.

Prior to the hostilities, Mojtaba Khamenei, known for fostering strong connections with the formidable Revolutionary Guards, had maintained a discreet presence.

American President Donald Trump has stated that Khamenei would be deemed unsuitable by the US as Iran’s subsequent head, asserting his desire to “participate” in the selection process.

His appointment coincided with a worsening predicament in Iran, which caused petroleum costs to soar past $100 a barrel, an unprecedented level in nearly half a decade.

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