Global Energy Markets Crumble After Ten days of Iran-Israel War

Tehran/Tel Aviv, March 9: The Iran-Israel-US war has shaken global energy markets, with crude oil prices shooting above $100 a barrel as Iran launched more attacks on Israel and Gulf countries on Monday, hours after Iranian state TV said Mojtaba Khamenei, son of the country’s late supreme leader and long considered a contender, had been named his successor.

As the war enters its 10th day, there is no sign of any letup, either from the US-Israel or from Iran. The latter continues to target US establishments in neighbouring Gulf states while the US and Israel continue to pound Tehran. Israel is also carrying out a massive operation in Lebanon, where it fights pro-Iran Hezbollah.

Here are some of the key developments that happened in the conflict Monday, March 9, 2026

1. China says it opposes any targeting of Iran’s new supreme leader, Mojtaba Khamenei.

2. European gas prices soared as much as 30 per cent.

3. The Indian stock market experienced a severe sell-off, with benchmark indices crashing nearly 3 per cent.

4. Bahrain’s state-owned Bapco energy company declared force majeure.

5. Saudi Arabia’s defence ministry said it had thwarted a drone attack targeting the Shaybah oil field.

6. Human Rights Watch accused Israel of “unlawfully” using white phosphorus over residential parts of southern Lebanon.

7. Bahrain’s health ministry says an Iranian drone attack on the island of Sitra overnight wounded 32 civilians.

8. Iran fired its first missiles towards Israel after the appointment of the new supreme leader, state broadcaster IRIB said.

9. Qatar, Saudi Arabia, the United Arab Emirates and Kuwait all reported new attacks.

10. Crude prices soar above $100.

11. One person was killed in Israel.

12. French President Emmanuel Macron says the Group of Seven nations could dip into their emergency oil stockpiles in response to soaring energy prices.