The assassination of Iran's Supreme Leader Ayatollah Ali Khamenei on February 28, 2026, has brought a new level of uncertainty to the global oil market. Historically, geopolitical instability in the Middle East has led to significant fluctuations in oil prices, and this event is no exception. According to
Al Jazeera's report, the oil markets responded with immediate volatility, reflecting fears of disruptions in the Strait of Hormuz, a critical chokepoint through which a significant portion of the world's oil supply is transported. This has raised concerns among analysts who warn that any sustained conflict could lead to not only a surge in oil prices but also broader economic repercussions globally.