Iran Hardliners Rally Behind New Supreme Leader Mojtaba Khamenei, Driving Oil Surge and Markets Plunge

Iran’s hardliners staged large, visible rallies after state media and officials declared Mojtaba Khamenei, 56, the country’s new supreme leader following the killing of his father Ali Khamenei on the first day of the war.

“By Parisa Hafezi and Maayan Lubell, Reuters Iran's hardliners staged a show of force on Monday (all times local), taking to the streets to proclaim their loyalty to new supreme leader Mojtaba Khamenei, whose rise appeared to dash hopes of a swift end to war in the Middle East causing havoc on global markets”

RNZ

Both RNZ and TimesLIVE describe mass demonstrations of loyalty in multiple cities, with state outlets and security-aligned figures proclaiming the succession amid ongoing military strikes and violence.

RNZ

The appointment was presented domestically as a show of defiance, even as many ordinary Iranians remained fearful of demonstrating given recent crackdowns.

State media and official institutions quickly mobilised to depict unity and obedience, with broadcasts showing crowds chanting loyalty and politicians, security bodies and state institutions issuing vows of fealty to the new leader.

At the same time, multiple outlets reported that public reaction was split: some celebrated the elevation as resistance to external pressure while others stayed away from the streets out of fear of repression.

TimesLIVE

RNZ reported rebukes from U.S. President Donald Trump and threats from Israel over the elevation of Mojtaba Khamenei.

“By Parisa Hafezi and Maayan Lubell, Reuters Iran's hardliners staged a show of force on Monday (all times local), taking to the streets to proclaim their loyalty to new supreme leader Mojtaba Khamenei, whose rise appeared to dash hopes of a swift end to war in the Middle East causing havoc on global markets”

RNZ

TimesLIVE noted Trump called the choice 'unacceptable' and described Israeli statements that vowed to oppose the clerical regime, with threats reported against a successor unless Iran changed course.

Observers in both pieces said the leadership shift has heightened regional and global anxieties.

Markets reacted sharply to the turmoil and the effective closure of the Strait of Hormuz.

RNZ said the conflict "has effectively closed the Strait of Hormuz, forcing tanker suspensions and production cuts by Gulf producers."

TimesLIVE

RNZ said Brent crude "jumped past $100 a barrel (briefly spiking to about $119.50), and global stock markets plunged on fears of a prolonged energy crisis."

TimesLIVE reported similar market moves, saying Brent briefly spiked to $119.50/bbl and later traded around $99.25 after a near 7% rise.

TimesLIVE said some Gulf producers — including Saudi Arabia — curtailed output.

Analysts and TimesLIVE warned that the new leader’s deep ties to security forces make a swift end to the war less likely, reinforcing market and diplomatic shocks.

“By Parisa Hafezi and Maayan Lubell, Reuters Iran's hardliners staged a show of force on Monday (all times local), taking to the streets to proclaim their loyalty to new supreme leader Mojtaba Khamenei, whose rise appeared to dash hopes of a swift end to war in the Middle East causing havoc on global markets”

RNZ

Both RNZ and TimesLIVE emphasised that the succession consolidates hardline control, with state messaging aimed at demonstrating defiance.

RNZ

Critics and many citizens either fear reprisal or doubt prospects for de‑escalation, a dynamic that underpinned the strong market moves and the broader geopolitical alarm.