Oil prices and markets seesaw over uncertainty of war as Iran names new leader
Oil prices surged and stock markets slid after hard-line Ayatollah Mojtaba Khamenei was chosen to succeed his late father as Iran’s supreme leader. His appointment on Monday, and new strikes on regional oil infrastructure, signaled that Iran was digging in 10 days into the war launched by the United States and Israel. Oil prices later fell, and the U.S. stock market closed higher, amid hope that the war with Iran may not last that long as world leaders discussed options. Khamenei is a secretive 56-year-old cleric and only the third supreme leader in the history of the Islamic Republic.
