Oil prices briefly shot to their highest level since 2022 a day after Iran selected Ayatollah Mojtaba Khamenei to succeed his late father as Iran's supreme leader. But prices later fell and US stocks rose on hopes that the war with Iran may not last much longer. Khamenei, a secretive 56-year-old cleric, is only the third supreme leader in the history of the Islamic Republic. As supreme leader, he has the final say on all major policies, including Tehran's disputed nuclear programme. Oil prices whipped from nearly USD 120 per barrel, the highest since 2022, back toward USD 90.

Source: The Hindu March 09, 2026 12:54 UTC