Crude oil surpassed $100 per barrel for the first time since 2022, driven by Iran war disruptions to Gulf supply and fears of prolonged Strait of Hormuz blockage. Iran's IRGC military backed Mojtaba Khamenei's accession with warnings of further strikes. Trump dismissed the surge as a "very small price to pay." Iraq's 60% production drop and Iran's damaged facilities have removed an estimated 4–5 million bpd from global markets. Sources: The Guardian, Jerusalem Post (Mar 9, 2026).