Oil prices surge after strikes kill Iran’s supreme leader, tankers hit near Strait of Hormuz

Oil prices surged late Sunday as fears mounted that the escalating Iran conflict could drag on for weeks, rattling global energy markets.

Global benchmark Brent crude briefly jumped to $82.37 a barrel — its highest level since January 2025 — in the first wave of trading following U.S. and Israeli strikes on Iran that killed Supreme Leader Ali Khamenei, according to Reuters.

By 7:54 p.m. ET, Brent had pulled back slightly but was still up more than 7% at $78.24 a barrel.

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