International oil prices break $100, WTI main contract surges nearly 20%

WealthCoffee · 2026-03-09T01:31:48+00:00

International oil prices broke through $100 on March 9. WTI crude oil rose 18.71% to $107.90, and Brent crude oil increased 17.24% to $108.67. This wave of gains is related to the inauguration of Iran's new Supreme Leader, Ayatollah Muqtada, indicating that Iran will continue the hardline approach of the Khamenei era, and the situation may become more complicated.

WealthCoffee

2026-03-09 01:31:48

Abstract generation in progress

Caixin March 9 — International oil prices surged after opening, breaking the $100 mark for the first time since the Russia-Ukraine conflict in 2022. As of press time, U.S. WTI crude oil futures main contract rose 18.71% to $107.90 per barrel; UK Brent crude oil increased 17.24% to $108.67 per barrel.

At 1 a.m. Tehran time on March 9, nine days after Iran’s former Supreme Leader Khamenei was killed in a joint attack by the U.S. and Israel, Iran’s Tasnim News Agency reported that the Expert Council responsible for electing the Supreme Leader elected Khamenei’s son, 56-year-old Mojtaba, as Iran’s third Supreme Leader of the Islamic Republic of Iran with an “overwhelming majority” vote during the meeting on March 8. Mojtaba’s ascension may indicate that Iran’s system will continue the hardline approach from Khamenei’s era. The U.S.-Israel-Iran conflict is expected to become more severe. (See Caixin report “Khamenei’s Son Mojtaba Elected as Iran’s New Supreme Leader, Low-Profile for Many Years, Now 56” )

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