Iran Hardliners Rally Behind New Leader, Unsettling Global Markets

People gather in a rally to support Mojtaba Khamenei, the successor to his late father Ali Khamenei as supreme leader, in Tehran, Iran, Monday, March 9, 2026. (AP)
People gather in a rally to support Mojtaba Khamenei, the successor to his late father Ali Khamenei as supreme leader, in Tehran, Iran, Monday, March 9, 2026. (AP)
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Iran Hardliners Rally Behind New Leader, Unsettling Global Markets

People gather in a rally to support Mojtaba Khamenei, the successor to his late father Ali Khamenei as supreme leader, in Tehran, Iran, Monday, March 9, 2026. (AP)
People gather in a rally to support Mojtaba Khamenei, the successor to his late father Ali Khamenei as supreme leader, in Tehran, Iran, Monday, March 9, 2026. (AP)

Iran's hardliners staged a show of force on Monday, taking to the streets to proclaim their loyalty to new Supreme Leader Mojtaba Khamenei, whose rise appeared to dash hopes of a swift end to war in the Middle East causing havoc on global markets.  

The prospect that one of the most severe disruptions ever to hit global energy supplies could last longer than previously expected sent oil prices surging in record leaps and stock markets into a nosedive. 

Khamenei, 56, a cleric with a power base among the security forces and their vast business empire, has been declared unacceptable by US President Donald Trump, who has demanded Iran's unconditional surrender. 

Iranian state media showed large crowds in several cities rallying behind the new leader, waving Iranian flags and holding portraits of his father Ali Khamenei, killed by strikes on the war's first day. 

In Isfahan, state TV reported the sound of nearby explosions from apparent airstrikes as loyalists gathered in the historic Imam Square, chanting "God is the Greatest" below a stage with portraits of Ali and Mojtaba Khamenei.  

In Tehran, a eulogist could be heard singing: "Either death or Khamenei, our blood leads to paradise." 

POLITICAL SYSTEM RALLIES BEHIND NEW LEADER  

Politicians and institutions issued pledges of loyalty to the new supreme leader, whose wife, son and mother also ‌died at the start of ‌the US-Israeli air onslaught according to Iranian state media. 

"We will obey the commander-in-chief until the last drop of our blood," a ‌defense council ⁠statement said.  

Iranians ⁠reached by telephone were divided, with supporters of the authorities hailing the choice as a declaration of defiance and opponents fearful it would dash their hopes for change. 

"I am so happy that he is our new leader. It was a slap in the face to our enemies that thought the system will collapse with the killing of his father. Our late leader's path will continue," said university student Zahra Mirbagheri, 21, from Tehran. 

Many Iranians had initially celebrated the elder Khamenei's death, weeks after his security forces killed thousands of anti-government protesters in the worst domestic unrest since the era of Iran's 1979 revolution. But there has since been little sign of anti-government activity, with activists fearful of taking to the streets while Iran is under attack. 

"The (elite Revolutionary) Guards and the system are still powerful. They have tens of thousands of forces ready to fight to keep this regime in place. We, the people, have nothing," said Babak, 34, a businessman in the ⁠central city of Arak who asked to keep his family name confidential. 

Israel says its war aim is to overthrow Iran's ‌system of clerical rule. US officials mainly say Washington's aim is to destroy Iran's missile capabilities and nuclear program, but Trump ‌has said the war can end only with a compliant Iranian government.  

Israel had said it would kill whoever succeeded the elder Khamenei unless Iran ended its hostile policies. Fox News quoted Trump as ‌saying that he was "not happy" with the choice. 

OIL SURGES PAST $100 A BARREL, THEN DIPS BACK 

The war has effectively shut the Strait of Hormuz, a chokepoint for a ‌fifth of global oil and liquefied natural gas, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage fills.  

Brent crude futures were up nearly 7.00% at $99.25 per barrel at 1610 GMT, having earlier shot as high as $119.50 in what would have been the biggest one-day rise on record. 

Since the war started, Brent has surged by as much as 65%. The prospect of a prolonged energy crisis - ‌reviving memories of the Middle East oil shock of the 1970s - sent global share markets into a tailspin.  

Bond yields surged as investors bet that central banks would have to cancel rate cuts or impose hikes to fight inflation. 

The price of gasoline ⁠has particular political resonance in the United States, ⁠where Trump's Republicans hope to keep control of Congress in midterm elections in November. 

The president is expected to review as early as Monday a set of options to tame domestic oil prices, including a possible release of crude oil from strategic reserves or restricting US exports, according to two people familiar with the matter. 

"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," Trump posted on Truth Social on Sunday night. "ONLY FOOLS WOULD THINK DIFFERENTLY!" 

OIL REFINERY HIT 

Tehran was choked in black smoke after an oil refinery was hit, an escalation in strikes on Iran's domestic energy supplies.  

World Health Organization chief Tedros Ghebreyesus warned of the dangers from such attacks. 

"Damage to petroleum facilities in Iran risks contaminating food, water and air – hazards that can have severe health impacts especially on children, older people, and people with pre-existing medical conditions," he wrote on X.  

Türkiye said on Monday NATO alliance air defenses had shot down a ballistic missile that was fired from Iran and entered Turkish airspace, the second such incident of the war. Iran did not immediately comment on the report. 

Türkiye, Iran's neighbor with NATO's second-largest army, had warned Tehran on Saturday against attacking again, but it has not suggested it wants to formally call on bloc members for further protection. 

Israel's military said it had launched new attacks in central Iran and struck the Lebanese capital Beirut, where Israel has extended its campaign after the Iran-backed militia Hezbollah fired across the border. 

US-Israeli attacks have killed at least 1,332 Iranian civilians and wounded thousands, according to Iran's UN ambassador.  

The toll from Israeli strikes on Lebanon rose to 486 people killed and 1,313 wounded since the start of fighting last week, the Lebanese health ministry said Monday. 

"The toll of the Israeli aggression from dawn on Monday, March 2, until Monday afternoon, March 9, has risen to 486 martyrs and 1,313 wounded," the ministry said in a statement. 

In Israel, ambulance workers said one man died from shrapnel wounds at a construction site near Tel Aviv's international airport, raising to 11 the death toll from Iranian strikes. 



US Military Expands Iran Blockade to Include Contraband Shipments

FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
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US Military Expands Iran Blockade to Include Contraband Shipments

FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS

The US Navy said on Thursday the military had expanded a maritime blockade on Iran to include “contraband” shipments, adding that any vessel suspected of heading to Iranian territory would be subject to verification and inspection.

“These vessels, regardless of their location, are subject to boarding, inspection and seizure of cargo,” the Navy said in a statement updated after the blockade was imposed on Monday, according to Reuters.

Contraband includes weapons, weapons systems, ammunition, nuclear materials, crude oil and refined petroleum products, as well as iron, steel and aluminum.

As diplomatic activity intensifies, signals remain mixed over the course of US-Iran talks. A date for a second round of negotiations has yet to be set, with disagreements persisting over the nuclear file and sensitive issues related to highly enriched uranium and the duration of restrictions on Iran’s nuclear program.


IEA Chief Says Europe Has 'Maybe 6 Weeks or So' of Jet Fuel Left

 Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026.  EPA/Olivier Hoslet
Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet
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IEA Chief Says Europe Has 'Maybe 6 Weeks or So' of Jet Fuel Left

 Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026.  EPA/Olivier Hoslet
Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet

Europe has “maybe six weeks or so (of) jet fuel left,” the head of the International Energy Agency said Thursday in a wide-ranging Associated Press interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.
IEA Executive Director Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced,” stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz.
“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.
The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told the AP, speaking in his Paris office looking out over the Eiffel Tower.
No country is immune Economic pain will be felt unevenly and "the countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa and in Latin America,” said the Turkish economist and energy expert who has led the IEA since 2015.
But without a settlement of the Iran war that permanently reopens the Strait of Hormuz, “Everybody is going to suffer,” he added.
“Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis," he said.
Without a reopening of the waterway, some oil products may dry up, he warned.
In Europe, “I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel," he said.
Hormuz tolls a risk for the future Birol spoke out against the so-called “toll booth” system that Iran has applied to some ships, letting them travel through the strait for a fee. He said allowing that to become more permanent would run the risk of setting a precedent that could then be applied to other waterways, including the vital Malacca Strait in Asia.
“If we change it once, it may be difficult to get it back,” he said. “It will be difficult to have a toll system here, applied here, but not there.”
“I would like to see that the oil flows unconditionally from the point A to point B,” he said.
Even with a peace deal, strikes on energy facilities means it could be many months before pre-war production levels are restored, he said.
“Over 80 key assets in the region have been damaged. And out of these 80, more than one third are severely or very severely damaged,” he said.
“It will be extremely optimistic to believe that it will very quick," Birol said. “It will take gradually, gradually, up to two years to come back where we were before the war.”


EU, NATO to Work to Strengthen Relationship, Von der Leyen Says 

FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
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EU, NATO to Work to Strengthen Relationship, Von der Leyen Says 

FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo

European Commission President Ursula von der Leyen said on Thursday that she agreed with NATO Secretary General Mark Rutte to work in the coming weeks to strengthen the European Union's relationship with the military alliance.

"We discussed the upcoming NATO Summit and how we can upscale defense industrial output in Europe," von der Leyen said in a post on social media platform X after meeting Rutte in Brussels, Reuters reported.

"We need to invest more, to produce more and to do both faster. With the rise in global security threats, we agreed to work closely together in the next weeks to strengthen the EU-NATO relationship and prepare a successful Summit in Ankara," she added.

Rutte said in a post about his discussion with von der Leyen that "a stronger Europe means a stronger NATO".