Black smoke rises after fires broke out following US-Israel attacks targeting some oil storage facilities, including the Shehran oil depot, in Tehran, Iran on March 8, 2026. 
Fatemeh Bahrami/Anadolu/Getty Images

Iranians are being directed to pledge their allegiance to the country’s new supreme leader Mojtaba Khamanei on Monday, while a senior Iranian official warned that Israel’s attacks on energy infrastructure have pushed the war into a “new phase,” and threatened similar retaliatory strikes.

With little sign of an off-ramp, the war’s economic fallout has deepened, sending global oil prices spiraling past $100 per barrel for the first time since Russia’s full-scale invasion of Ukraine in 2022.

Here’s what to know on day 10.

What are the main headlines?

Mojtaba Khamenei (center), the son of the Iranian Supreme Leader Ayatollah Ali Khamenei, participates in the annual Quds Day rally in Tehran, Iran, on May 31, 2019. 
Rouzbeh Fouladi/Middle East Images/ AFP/Getty Images
  • Khamenei dynasty: Iran’s key power centers, including the Revolutionary Guards, have swiftly rallied behind Mojtaba Khamenei after he was chosen to succeed his slain father, Ayatollah Ali Khamenei, as the country’s new supreme leader. The IRGC said it was ready to “fully obey and sacrifice their lives” for him. US President Donald Trump said last week that the younger Khamenei being selected would be “unacceptable.” Analysts say Mojtaba’s elevation suggest a continuity of his father’s hardline policies. And Russian President Vladimir Putin wrote to Khamenei Monday, reiterating Moscow’s support.
  • Economic shockwaves: The IMF chief has warned of global inflation risks, and said her advice to policymakers was to prepare for “the unthinkable.” G7 finance ministers are planning to meet Monday to discuss the potential joint release of strategic oil reserves. Asian and European markets plunged while oil futures surged — but Trump dismissed concerns, calling soaring oil costs a “very small price to pay.” South Korea will impose its first fuel cap in almost 30 years as global jitters deepen.
  • Regional attacks continue: Israel said it launched strikes on Beirut and Iran overnight and on Monday afternoon, while Tehran announced missile launches. Turkey’s defense ministry said NATO air defenses shot down an Iranian ballistic missile as it entered the country’s airspace. Gulf states reported interceptions and overnight strikes, including Bahrain which said at least 32 people were wounded in an Iranian drone attack on a residential area. Bahrain’s national oil company BAPCO said its operations had been affected after video showed a large fire at the facility’s industrial zone in Riffa, and later declared force majeure on its operations.
  • School strike: Defense Secretary Pete Hegseth said the US was still investigating a strike on an Iranian elementary school that killed at least 168 children, according to state media. His comments came after new video appears to confirm a US airstrike targeted a naval base next to the school, adding to a body of evidence contradicting Trump’s recent claims casting blame on Iran.
  • Personnel told to leave: The US State Department ordered non-emergency diplomats to leave Saudi Arabia — a reflection of the risks facing US personnel as the conflict deepens. A US service member died after sustaining injuries during an attack last week in the country.

What’s happening in the region?

A bulldozer clears the debris of destroyed buildings at the site of an Israeli airstrike that targeted Rweiss neighbourhood in Beirut’s southern suburbs, on March 8, 2026. 
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  • Public pledge: Iran announced a nationwide gathering on Monday to pledge allegiance to the new supreme leader. Members of the public have been called on to gather around the country at 3 p.m. local time, Iranian state media reported.
  • “New phase” of war: A senior Iranian official told CNN there was no prospect for an immediate end to the conflict. He said Israel’s attacks on oil and fuel depots have pushed the war into a “new phase.” The official threatened retaliatory strikes on energy infrastructure, raising concerns about potential further disruptions to regional oil and gas facilities. A foreign ministry spokesperson added Monday that Iran has no interest in negotiations while it remains under attack.
  • Stay or go?: One Tehran resident said his family was divided on whether to leave the city, saying people are “under a lot of pressure.” Israeli strikes on fuel depots Saturday night were “the heaviest bombardments since the start of the war,” he said.
  • “Save our girls”: Five members of the Iranian women’s soccer squad are safe with police after fleeing the team’s hotel in Australia, where they have been playing in the Women’s Asian Cup, a source told CNN Sports. There have been growing calls for the players’ depature from Australia to be blocked for fear of persecution in Iran.

The latest from the US

High gas prices are displayed at a downtown Chevron station in Los Angeles, California, on March 3, 2026. 
Mario Tama/Getty Images
  • Energy prices: President Donald Trump and administration officials are attempting to allay worries over rising gas prices, which have increased by nearly 50 cents, or about 17%, since the start of the war. White House press secretary Karoline Leavitt described rising costs at the pump as “a short-term disruption.” Senate Minority Leader Chuck Schumer called on Trump to tap into the nation’s Strategic Petroleum Reserve, the world’s largest stockpile of emergency oil, in an effort to lower energy prices.
  • Terms of surrender: Trump said he will decide, together with Israel, when the war will end. Israeli Prime Minister Benjamin Netanyahu would be part of the decision but Washington will have the final say, Trump said in an interview with The Times of Israel. Defense Secretary Hegseth also said that the US and Trump will set “the terms of surrender” with Iran, without offering specifics. Lebanon’s Prime Minister Nawaf Salam said the government is “ready to resume negotiations” with Israel, adding that Israel had not responded to its proposal for resuming talks.

As reported by CNN