Oil prices reach 100 dollars following the appointment of Mojtaba Khamenei as the new supreme leader of Iran

Oil prices reached 100 dollars per barrel this Monday in international markets, exacerbated by the appointment of Mojtaba Khamenei, 56 years old, as the new supreme leader of Iran. According to reports from AP News, the Assembly of Experts appointed Mojtaba to succeed his father Ali Khamenei, who passed away on February 28 during the coordinated attacks by the United States and Israel that initiated the war.

The appointment, decided in teleconferences to prevent targeted attacks following the Israeli bombing of a headquarters in Qom, marks only the second change of supreme leadership since the Islamic Revolution of 1979. The Revolutionary Guard and the Iranian Army immediately expressed their "full obedience" to the new leader, while President Masud Pezeshkian celebrated the beginning of a "new era of honor."

Crude oil was already surpassing $90 per barrel before the announcement, with a 28% weekly increase and the largest weekly increase in WTI since 1983. Mojtaba's appointment heightened concerns about the stability of global energy supply, particularly in light of the threat of a blockade of the Strait of Hormuz, through which 20% of the world's crude oil flows, amounting to around 16.7 million barrels daily.

The Iranian missile and drone attacks on energy facilities in Bahrain and Kuwait have further exacerbated the situation. This Monday, Bapco Energies declared force majeure at its Sitra refinery, the only one in the country, following the impact of an Iranian missile last Thursday that caused a fire. A drone attack in the Sitra region injured 32 civilians, including children who required surgery. Kuwait also reported a new missile and drone attack on the night of this Monday, marking the tenth day of the conflict.

Goldman Sachs estimates a risk premium of between 14 and 15 dollars per barrel, while Lombard Odier projects prices of up to 120-150 dollars in the event of a complete blockade of the Strait of Hormuz. Iran is the fourth largest producer in OPEC and exports between 1.5 and 1.9 million barrels per day, mainly to China.

The president Donald Trump rejected the appointment, calling it "unacceptable" and described Mojtaba as a "lightweight." "He will have to gain our approval. If he doesn't, he won't last long," warned the U.S. president.