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Oil Prices Spike After Appointment of New Iran’s Supreme Leader
(MENAFN) Crude oil values soared beyond $105 per barrel and briefly touched $108 on Sunday following the appointment of Mojtaba Khamenei as Iran’s new supreme leader, after the death of his father in a US-Israeli airstrike.
Information from Trading Economics indicated that oil benchmarks experienced a sharp upswing as markets responded to the situation in Iran, amid escalating tensions across the Middle East and increasing concerns over the Strait of Hormuz, a vital route for global oil shipments.
Earlier on Sunday, Iranian officials confirmed that Mojtaba Khamenei had been selected as the nation’s new supreme leader.
Information from Trading Economics indicated that oil benchmarks experienced a sharp upswing as markets responded to the situation in Iran, amid escalating tensions across the Middle East and increasing concerns over the Strait of Hormuz, a vital route for global oil shipments.
Earlier on Sunday, Iranian officials confirmed that Mojtaba Khamenei had been selected as the nation’s new supreme leader.
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