By Boluwatife Oshadiya | March 09, 2026
- Iran names 56-year-old Mojtaba Khamenei, son of slain leader Ali Khamenei, as new supreme leader amid ongoing US-Israeli strikes
- Appointment signals continuity of hardline rule, with IRGC pledging allegiance despite regional war escalation
- Oil prices surge past $100 per barrel, hitting $119.50 at peak, due to attacks on energy infrastructure and Strait of Hormuz disruptions
Iran’s Assembly of Experts has appointed Mojtaba Khamenei as the new supreme leader, succeeding his father Ayatollah Ali Khamenei, who was killed in US-Israeli airstrikes on February 28. The decision, announced early Monday Tehran time, comes as the 10-day conflict intensifies, with both sides exchanging missile and drone attacks across the Middle East.
Mojtaba, a 56-year-old ayatollah with deep ties to the Islamic Revolutionary Guard Corps (IRGC) and Iran’s security apparatus, was long seen as a frontrunner. He has been under US sanctions since 2019 for alleged human rights abuses and now holds ultimate authority over Iran’s military, judiciary, and state institutions.
The war has claimed over 1,300 Iranian lives, including civilians, per Tehran reports, while the US confirms eight American service members dead from Iranian retaliatory strikes. Israel reports civilian injuries from missile debris in areas like Tel Aviv. The conflict has spilled into neighboring countries, with Iran targeting US bases in Iraq, Syria, Jordan, Bahrain, Kuwait, Qatar, and Saudi Arabia, prompting evacuations of non-essential US embassy staff. Gulf states, including the UAE and Bahrain, have reported strikes on energy sites, exacerbating global supply fears.
Oil markets reacted sharply, with Brent crude jumping over 25% to a high of $119.50 before settling around $107, and WTI at $104—the first time above $100 since 2022. Disruptions include Israeli strikes on Iranian oil depots and Tehran’s throttling of the Strait of Hormuz, through which 20% of global oil flows. Analysts warn of prolonged shortages, with potential US gasoline prices rising to $4.50–$6 per gallon if escalations continue. G7 nations are set to discuss emergency oil reserves amid tumbling stock markets in Asia and Europe.
“By a decisive vote, the Assembly of Experts appointed Ayatollah Seyyed Mojtaba Hosseini Khamenei as the third Leader of the sacred system of the Islamic Republic of Iran,” the Assembly stated via Iranian state media.
The Issues
This appointment underscores Iran’s defiance amid a war triggered by US-Israeli efforts to dismantle its nuclear and missile programs, exposing vulnerabilities in global energy security. The conflict highlights longstanding US-Iran tensions since the 1979 revolution, now risking broader regional instability and supply chain disruptions for oil-dependent economies like Nigeria.
What’s Being Said
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” said US President Donald Trump on Truth Social, dismissing the spike as temporary.
“The US has opened a new chapter in the war by bombing Iran’s energy infrastructure,” said IRGC spokesman Ebrahim Zolfighari, warning regional US allies of reprisals if attacks persist.
What’s Next
G7 emergency meeting on oil reserves scheduled for Monday to address supply crunch. Israeli Prime Minister Benjamin Netanyahu’s address expected Tuesday, vowing “many surprises” in next war phase. Iran’s armed forces to hold allegiance ceremony for new leader on Wednesday in Tehran.
The Bottom Line: Mojtaba Khamenei’s ascension entrenches hardline control in Tehran, potentially prolonging the conflict and sustaining high oil prices that could strain Nigeria’s import-dependent economy, though a swift resolution might ease global markets.
