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Record Oil Rally Signals Deepening Crisis (Image Credits: Unsplash)
Tehran – The swift appointment of Ayatollah Mojtaba Khamenei as Iran’s new supreme leader underscored Tehran’s resolve to press forward in its confrontation with the United States and Israel.
Record Oil Rally Signals Deepening Crisis
Brent crude futures rocketed as high as $119.50 per barrel on Monday, marking one of the largest single-day gains on record, before settling around $98.77 later in the session.[1][2] West Texas Intermediate climbed to $108.66, up nearly 20 percent in a stark reflection of fears over prolonged disruptions to Middle East energy supplies.[2]
The war has choked off the Strait of Hormuz, a vital artery for one-fifth of global oil and liquefied natural gas flows, halting tanker traffic for over a week.[1] Saudi Arabia curtailed output at two oil fields, joining Iraq and Kuwait in scaling back production as storage facilities filled.[1] Strikes on Iranian refineries and fuel depots near Tehran compounded the supply squeeze, while a drone attack hit Saudi Arabia’s Shaybah oil field.[3]
A Behind-the-Scenes Power Emerges
Mojtaba Khamenei, the 56-year-old second son of the late Ayatollah Ali Khamenei, stepped into the supreme leader role after his father died in U.S.-Israeli strikes on February 28.[4][5] The Assembly of Experts confirmed him through a majority vote, bypassing traditional clerical hierarchies despite his mid-ranking hujjat al-Islam status.[5]
A low-profile…
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Author : Matthias Binder
Publish date : 2026-03-09 20:02:00
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