Oil Surges Above $100 on Mojtaba News — WTI $109, Brent $110 — Trump: 'Small Price to Pay'

Oil prices surged above $100 a barrel as trading opened on the news that Mojtaba Khamenei had been formally named Iran's new supreme leader. West Texas Intermediate jumped 20% to $109.17 per barrel — a level not seen since Russia's invasion of Ukraine in February 2022. Brent crude rose 19% to $110.35. The triple-digit price reflects the combined effect of: the Hormuz closure (20% of global crude supply route); Iraqi production collapse (70% down, 3 million bpd removed from market); and now the Mojtaba succession — which markets read as potential escalation continuation under IRGC-aligned hardliner leadership. President Trump dismissed the spike in a Truth Social post: '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. ONLY FOOLS WOULD THINK DIFFERENTLY!' The statement is the most explicit presidential articulation of US war objectives to date: the target is 'the Iran nuclear threat,' and the war ends when that threat is 'destroyed.' This goes beyond degrading Iran's military — it confirms the nuclear programme is the core US objective. The $100+ oil price will drive significant political pressure in the US and Europe, where energy prices feed directly into inflation, consumer costs, and electoral politics.