Oil prices surged past $100 per barrel on Monday as geopolitical tensions escalated in the Middle East following the selection of Ayatollah Mojtaba Khamenei as Iran’s new supreme leader. WTI crude reached $108.66, while Brent crude hit $108.69, marking sharp gains in early Asian trading.
The spike comes amid ongoing conflict between Iran, the U.S., and Israel, including attacks on energy infrastructure and military targets. Israeli strikes hit fuel storage near Tehran, while Iran launched drones and missiles across the region, including a damaged desalination plant in Bahrain.
Global financial markets also reacted, with S&P 500 and Nasdaq-100 futures dropping around 1.6%, reflecting investor concerns over potential disruptions to Middle East oil exports and rising energy costs worldwide.
The surge in oil prices has strengthened the U.S. dollar and raised fears of energy-driven inflation for major importing economies. Traders continue to monitor the region for impacts on production, tanker traffic, and long-term supply stability.
