Bloomberg News Now March 8, 2026: Oil Skyrockets, Khamenei's Son Takes Power in Iran, More
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Mar 9, 2026 Crude oil jumps past $100 as Middle East violence and tanker insurance concerns rattle markets. Coverage of Iranian power shift and regional missile strikes with rising tensions and casualties. Local unrest follows an anti-Muslim protest in New York. U.S. health research faces advisory vacancies threatening grant reviews. Markets brace for key inflation data ahead of the Fed decision.
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Oil Surge Driven By Fear Premium Not Shortage
- Crude oil jumped past $100 driven mainly by Middle East tensions and a market "fear premium" rather than immediate supply shortages.
- U.S. Energy Secretary Chris Wright said global supplies are sufficient and price spikes reflect market fear, noting the U.S. is a net oil and gas exporter.
Insurers Stopped Tankers Through Hormuz Before Any Closure
- Sarah Vakshuri described two major energy impacts: strikes on production facilities and disruption of Strait of Hormuz flows.
- She noted insurers began refusing to cover tankers, effectively halting voluntary passage even before physical closure.
Khomeini Succession Signals Continuity In Iran
- Iran appointed Mostaba Khomeini as supreme leader after his father's death, consolidating continuity in leadership and IRGC loyalty.
- Bloomberg's Wendy Benjaminson noted the Revolutionary Guard Corps pledged allegiance, signaling regime stability amid the war.