Middle East crisis live: Mojtaba Khamenei chosen as Iran’s new supreme leader; oil prices soar past $100 a barrel | US-Israel war on Iran

Why in news

Iran has named Mojtaba Khamenei as its new supreme leader following the death of Ayatollah Ali Khamenei during US-Israeli airstrikes, triggering a surge in global oil prices.

Background

Oil prices have surpassed $100 per barrel following the Middle East conflict. The Israeli military conducted strikes on Iranian infrastructure, and the US military confirmed a service member's death following an attack on an Iranian warship off Sri Lanka's coast.

Facts for Prelims

• FactOil prices surged past $100 a barrel due to the Middle East conflict.
• PlaceAn Iranian warship was attacked off the coast of Sri Lanka.
• PostMojtaba Khamenei has been named the new supreme leader of Iran.

For Mains

Q. Analyze the impact of Middle Eastern geopolitical instability on global energy security and the resulting inflationary pressures on emerging and developed economies.

Dimensions to cover in your answer

• Energy security: Volatility in crude oil prices affecting global inflation and market stability
• Geopolitical friction: Escalation of US-Israel-Iran conflict impacting maritime security in the Indian Ocean
• Economic spillover: Correlation between Middle Eastern conflict and international share market fluctuations

Keywords: Energy Security · Geopolitical Instability · Inflationary Pressure · Maritime Security · Strategic Autonomy

More International Relations notes

• IEA says oil from emergency stocks to flow in Asia and Oceania immediately · 15 March 2026
• Strategic oil release may calm markets but cannot fix Hormuz disruption · 15 March 2026
• What do the first two weeks of the war on Iran portend for the future? | US-Israel war on Iran · 15 March 2026
• India-EU ties in focus as Jaishankar starts 2-day visit to Brussels · 15 March 2026
• Middle East War Day 16: UAE and other Gulf countries report fresh attacks; Kuwait airport hit · 15 March 2026
• Strikes in Kandahar: Pakistan says it hit military facilities inside Afghanistan, attacks tunnel used by Taliban · 15 March 2026

All International Relations current affairs →

Something wrong, or something missing?

Spotted a mistake in a note, or want a topic, format or PDF that would help your preparation? Write to us. We read every mail and fix errors fast.

Report a mistake →Ask for something →[email protected]