ISTANBUL

Crude oil prices surged past $105 per barrel and briefly peaked at $108 on Sunday after Mojtaba Khamenei was named Iran’s new supreme leader following the death of his father in a US-Israeli airstrike.

Data from Trading Economics showed crude benchmarks climbing sharply as markets reacted to developments in Iran amid rising Middle East tensions and growing uncertainty over the Strait of Hormuz, a key global oil transit route.

Earlier Sunday, Iranian authorities confirmed that Mojtaba Khamenei had been chosen as the country’s new supreme leader.