Oil markets opened the week with a shocking spike, as oil prices surged by over 30% to above $100 a barrel early Monday morning, a level not seen in years. This rapid increase in price was primarily driven by the decision of the USA and Israel to commence bombing key sites in Iran, which included the killing of Iran's religious leader Ali Khamenei. Prior to this spike, Brent crude oil in Europe had already risen by 29%, while the U.S. benchmark WTI had increased by an astonishing 35.6%. The news of Mojtaba Khamenei, who was elected as the new religious leader and is reportedly more conservative than his father, further catalyzed the price escalation.