Oil Prices Soar, Markets Plunge Amid New Iranian Leadership

Oil prices surged and stock markets slid on Monday following the appointment of hard-line Ayatollah Mojtaba Khamenei as Iran's new supreme leader. This appointment comes amid a war involving the United States and Israel, causing disruptions in oil and gas supplies globally.

The new leader, only the third in the Islamic Republic's history, has close ties with the Revolutionary Guard, which continues to target Israeli and Gulf state assets. His choice indicates Iran's determination to maintain its stance for Islamic governance.

Amidst global diplomatic maneuvers, oil prices spiked to USD 120 per barrel before settling below USD 100. Meanwhile, political leaders engage in discussions to alleviate the crisis, with US President Trump asserting no shortage exists and predicting a price drop soon.