₦airaland Forum

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


By Josh Owens - Mar 08, 2026,

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 fears that oil flows from the Middle East could be disrupted for weeks.

Israel struck major fuel storage facilities near Tehran, while Iran continued launching drone and missile attacks across the region. A drone strike damaged a desalination plant in Bahrain, a missile barrage injured five people in central Israel, and a seventh U.S. service member died following an Iranian counterattack in Saudi Arabia.

Meanwhile, Iran’s Assembly of Experts named Ayatollah Mojtaba Khamenei, the son of the slain Supreme Leader Ali Khamenei, as the country’s new supreme leader early on Monday. The appointment signals continuity in Iran’s hardline leadership, undermining the efforts of both the U.S. and Israel to alter the regime.

Beyond oil prices, financial markets also suffered, with S&P 500 futures and Nasdaq-100 futures both falling by close to 1.6% as investors reacted to the surge in energy prices and geopolitical risk.

Fears of prolonged supply disruptions, including potential attacks on regional energy infrastructure and tanker traffic, are now being priced in to markets. Energy traders are closely watching whether the conflict will affect production or exports from major Gulf producers.

The surge in crude prices has also strengthened the U.S. dollar and raised fears of an energy-driven inflation shock, particularly for major oil-importing economies.

Investor jitters deepen in Asia as war sends fuel prices skyrocketing

Asian markets sank on Monday as investor jitters deepened over the ongoing war in the Middle East, which sent oil prices to a four-year high and threatened import-dependent major economies in the region.

Japan’s benchmark Nikkei 225 index tumbled 7% in the early hours of trading on Monday, while South Korea’s Kospi plummeted 7.8%. Taiwan’s Taiex slumped 5.8%, and Hong Kong’s Hang Seng Index slid 3.1%.

South Korea's Kospi index, which has been hit especially hard since the conflict began, slipped by more than 8%, triggering a 20-minute halt to trading.

The so-called circuit breaker is a mechanism designed to curb panic selling. It also came into effect on Wednesday, when the Kospi slumped by 12%.

About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started a week ago.

HacheNoire:
🔥🔥🔥🔥🔥🔥

The Iran effect!

Strangle their livelihood till they fold!

Should be at $200 by the end of next week. Major oil installations have not started going up in flames.

FreeStuffsNG:
Massive hit of Iranian missiles tonight.in Isreal, Occupied Palestine. Chaos everywhere!

The video of US airforce bombing the Iranian primary school, killing 168 innocent iranian school girls has been released. Confirming the US intel report that US, under Trump's watch and order, killed 168 innocent Iranian girls. Trump wiped out a generation of defenceless innocent Iranian girls!

Hubris brought shame, defeat and disgrace to Trump, US, EU and Europeans now fleeing Occupied Palestine in droves!

HacheNoire:
They getting hit back to back! Defense systems have been turned to scrap metals and it’s just easy penetration now.

It will be Gaza 2.0 when Iran is done with Israel. They are helpless at the moment. No one is coming to save them.

They even trying to reach out to JC Penny, but he is not picking up their calls.

HacheNoire:
🔥🔥🔥🔥🔥🔥

The Iran effect!

Strangle their livelihood till they fold!

Should be at $200 by the end of next week. Major oil installations have not started going up in flames.

FreeStuffsNG:
Fears of prolonged supply disruptions, including potential attacks on regional energy infrastructure and tanker traffic, are now being priced in to markets.

CanadaOrBust:
You people are so delu. See long gas lines in Iran today
Do you see long gas lines in Israel or US?
Who is suffering??

HacheNoire:
You are a newbie in geopolitics.

Don’t focus on the local, focus on the international impact. What do you think is spiking oil prices?

Be patient! It will go ground! This time next week, your narration will change.

slickbak:
DT and his cronies are making b*stard generational money from this war. I can’t be convinced otherwise.

CanadaOrBust:
My friend the war is destroying IRAN itself.
Oil price is just money and even that is being felt in Iran as gas lines but not in US!

CanadaOrBust:
You people are so delu. See long gas lines in Iran today
Do you see long gas lines in Israel or US?
Who is suffering??

puremaker7:
werey, hope you will be traveling to Israel or USA by next week because the long queue that will happen in Nigeria by next week will triple this one..I don't know why a particular leader will leave his country to go and attack another country if that's not madness

FreeStuffsNG:
Smh.

Ignorance is not bliss o. Oil money is not just money. The dying world reserve currency, US dollars, is pegged against oil. Oil proceeds is the biggest source of fund for US debt and stock market. It goes down, US will likely default in it's debt of around $34 trillion and the US economy SHALL collapse, dragging down into severe economic most nations that have not decoupled from the US economy and holding huge US bonds.

Iranians are not stupid. In fact, they have proven to be way smarter than the Americans. This was why Trump's own generals initially counselled him against going to war with Iran but he want to use Iran's war to save himself from being impeached and going to jail.

It is this your kind of obscene ignorance and lack of humility to learn that Trump displayed and now putting human civilization in real jeopardy

FreeStuffsNG:
Breaking News: Oil Prices Surge Past $100 as Iran Names New Supreme Leader


By Josh Owens - Mar 08, 2026,

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 fears that oil flows from the Middle East could be disrupted for weeks.

Israel struck major fuel storage facilities near Tehran, while Iran continued launching drone and missile attacks across the region. A drone strike damaged a desalination plant in Bahrain, a missile barrage injured five people in central Israel, and a seventh U.S. service member died following an Iranian counterattack in Saudi Arabia.

Meanwhile, Iran’s Assembly of Experts named Ayatollah Mojtaba Khamenei, the son of the slain Supreme Leader Ali Khamenei, as the country’s new supreme leader early on Monday. The appointment signals continuity in Iran’s hardline leadership, undermining the efforts of both the U.S. and Israel to alter the regime.

Beyond oil prices, financial markets also suffered, with S&P 500 futures and Nasdaq-100 futures both falling by close to 1.6% as investors reacted to the surge in energy prices and geopolitical risk.


Fears of prolonged supply disruptions, including potential attacks on regional energy infrastructure and tanker traffic, are now being priced in to markets. Energy traders are closely watching whether the conflict will affect production or exports from major Gulf producers.

The surge in crude prices has also strengthened the U.S. dollar and raised fears of an energy-driven inflation shock, particularly for major oil-importing economies.

https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-Past-100-as-Iran-Names-New-Supreme-Leader.html

Investor jitters deepen in Asia as war sends fuel prices skyrocketing

Asian markets sank on Monday as investor jitters deepened over the ongoing war in the Middle East, which sent oil prices to a four-year high and threatened import-dependent major economies in the region.

Japan’s benchmark Nikkei 225 index tumbled 7% in the early hours of trading on Monday, while South Korea’s Kospi plummeted 7.8%. Taiwan’s Taiex slumped 5.8%, and Hong Kong’s Hang Seng Index slid 3.1%.

South Korea's Kospi index, which has been hit especially hard since the conflict began, slipped by more than 8%, triggering a 20-minute halt to trading.

The so-called circuit breaker is a mechanism designed to curb panic selling. It also came into effect on Wednesday, when the Kospi slumped by 12%.

About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started a week ago.

https://www.cnn.com/world/live-news/iran-war-us-israel-trump-03-08-26?post-id=cmmijymeb00003b6u9ozkok63

Myndd44 nlfpmod

FreeStuffsNG:
Smh.

Ignorance is not bliss o. Oil money is not just money. The dying world reserve currency, US dollars, is pegged against oil. Oil proceeds is the biggest source of fund for US debt and stock market. It goes down, US will likely default in it's debt of around $34 trillion and the US economy SHALL collapse, dragging down into severe economic most nations that have not decoupled from the US economy and holding huge US bonds.

Iranians are not stupid. In fact, they have proven to be way smarter than the Americans. This was why Trump's own generals initially counselled him against going to war with Iran but he want to use Iran's war to save himself from being impeached and going to jail.

It is this your kind of obscene ignorance and lack of humility to learn that Trump displayed and now putting human civilization in real jeopardy

HacheNoire:
🔥🔥🔥🔥🔥🔥

The Iran effect!

Strangle their livelihood till they fold!

Should be at $200 by the end of next week. Major oil installations have not started going up in flames.

helinues:
Oil producing countries like Nigeria will be smiling to bank

cule7:
This is good news for the Nigerian govt but they will squander it

CanadaOrBust:
You people are so delu. See long gas lines in Iran today
Do you see long gas lines in Israel or US?
Who is suffering??

nairalanda1:
The debts we have incurred would have to be paid first. It's not a net gain per se.

That's because oil prices over the last twelve years have been below where we need it. Resulting in massive borrowing