Iran's conflict with the US and Israel entered its ninth day with a major leadership transition in Tehran, new strikes across the country, and oil markets swinging violently — from $117 to $100 in a single session.
Leadership: The Assembly of Experts named Mojtaba Khamenei — son of the late Supreme Leader — as Iran's new Supreme Leader. Thousands rallied in Tehran. Putin offered "unwavering support" within hours; Trump said he was "not happy" with the appointment.
Military: The IDF launched new wide-scale strikes on Tehran, Isfahan, and southern Iran, with the US Air Force conducting simultaneous operations. An Iranian ballistic missile struck near US troops at Prince Sultan Air Base in Saudi Arabia, causing minor injuries and forcing evacuation of air tankers. Pentagon officials confirmed the first week of the war cost $6 billion — with Iran having launched over 3,000 missiles and drones at Gulf states. Israel's military assessed the campaign could last at least five more weeks.
Casualties: The US identified its first confirmed Army death: Sgt. Benjamin Pennington, 26, of Kentucky, killed in the March 1 strike at Prince Sultan Air Base. One Israeli was killed and two seriously injured by an Iranian missile strike in central Israel.
Markets & Energy: Oil surged 30% to $117 a barrel before crashing $17 on reports of possible G7 reserve releases — which were ultimately deferred. Analysts at Macquarie warned oil could reach $150 if Hormuz stays closed for weeks; Iran warned of $200 if strikes on its energy infrastructure continue. Bahrain's BAPCO refinery — the country's largest — was struck and declared force majeure. Asian markets opened sharply lower: South Korea −7.7%, Japan −6.4%.
Diplomacy: France's Macron pledged to deploy the Charles de Gaulle carrier group and organize a naval escort through the Strait of Hormuz — Britain declined. Lebanon's president called for a total ceasefire with Israel. NATO intercepted an Iranian ballistic missile heading toward Turkey over the Eastern Mediterranean. The UAE successfully intercepted 12 of 15 ballistic missiles and 17 of 18 drones. US intelligence intercepted an encrypted Iranian communication potentially signaling sleeper assets abroad.