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Oil prices surge 13% as US-Iran conflict escalates with Khamenei death
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One day after US and Israeli attacks on Iran ignited oil price fears, the confirmed death of Supreme Leader Ali Khamenei and Tehran's retaliatory strikes have driven prices up as much as 13%—the largest jump in four years—amid fears of Strait of Hormuz disruptions, which carry 20% of global crude. OPEC+ ramps up output, while Mexico's peso weakens against the dollar.
The OPEC+ alliance announced an increase of 188,000 barrels per day in crude oil production starting June 2026. This adds to the 206,000 barrels rise announced in April. The blockade in the Strait of Ormuz, however, restricts its effect on global markets.