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US, Iran Show Little Sign of Pulling Back as Oil Chaos Deepens
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March 9, 2026
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11:03Now PlayingJennifer Welch, Bloomberg Economics chief geoeconomics analyst, said that the Trump administration has given 'conflicting ideas' about how long war with Iran will continue as President Trump indicated that the US plans to expand its targets. Welch said she sees both sides digging in their heels and 'preparing to fight this out,' despite surging oil prices.
Iran chose Mojtaba Khamenei, the hardline son of the assassinated Ayatollah Ali Khamenei, as its new supreme leader, signaling Tehran won’t back down in a war raging across the Middle East and causing a surge in energy prices.
The choice was criticized by US President Donald Trump, who is under mounting pressure not to prolong the fighting as oil prices approach four-year highs and fears grow of a new inflation crisis.
While data from the United Arab Emirates suggests Iran’s barrage of missiles and drones is easing, there’s no clear sign that the conflict, now into its second week, will end imminently.
The effective closure of the Strait of Hormuz has forced Saudi Arabia, the world’s biggest oil exporter, to reduce production, according to a person familiar with the matter. That follows similar moves by the UAE, Kuwait and Iraq.
Brent crude climbed about 10% to $102 as of 3 p.m. in London on Monday. It rose to almost $120 earlier in the day, but pared gains after it emerged that Group of Seven finance ministers are discussing a possible joint release of emergency fuel reserves.
The G-7 is “not there yet” in terms of agreeing to the move, according to France, which holds the current presidency. But the group is “ready to take all necessary measures, including using strategic reserves, to stabilize the market,” French Finance Minister Roland Lescure said after a virtual meeting with his counterparts.
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