Oil Prices Surge Past $100 as Iran Names New Supreme Leader

OilPrice · Josh Owens · last updated March 8, 2026 – 4:13 PM

Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader. At the time of writing, WTI crude was trading at $108.66, up $17.76 or 19.54%, while Brent crude was at $108.69, up $16.00 or 17.26%. The rally follows a dramatic escalation in the conflict between Iran, the United States, and Israel over the weekend, with attacks on energy infrastructure and military targets across the region heightening…

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