Iran Begins Khamenei Funeral as Succession Uncertainty Hits Oil Markets

Iran has initiated six days of funeral ceremonies for the late Supreme Leader Ali Khamenei, a period marked by heightened political uncertainty following the notable absence of his son, Mojtaba, from the proceedings. This transition of power triggers a significant risk appetite transmission mechanism, as the potential for internal power struggles or a shift in the governing ideology threatens the stability of the regional geopolitical landscape. Crude oil markets and regional currencies remain the most exposed assets, as traders price in the possibility of supply disruptions or a change in Iran’s foreign policy stance regarding regional proxy conflicts. Market participants are now shifting their focus toward the upcoming announcement from the Assembly of Experts, which will confirm the formal selection of a successor and provide the first clear signal regarding the future trajectory of the nation’s domestic and international policy framework.

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