Trump calls oil price surge 'small price to pay' as Iran names new leader

Energy Secretary downplays concerns over Strait of Hormuz closure amid conflict with Iran

Published on Mar. 9, 2026

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Oil prices surged overnight Monday, settling near $100 a barrel as the conflict with Iran shows no signs of slowing down. Energy Secretary Chris Wright downplayed concerns about the Strait of Hormuz's closure and its effect on energy prices. President Trump called it a 'very small price to pay' for 'peace' in a social media post. Iran on Sunday named Mojtaba Khameinei, son of the late ayatollah, as its next leader after joint U.S. and Israeli strikes killed Supreme Leader Ali Khameinei.

Why it matters

The ongoing conflict with Iran has led to a significant spike in oil prices, which could have major economic implications globally. The appointment of a new Iranian leader also raises questions about the future direction of the country's policies and its relationship with the U.S. and its allies.

The details

Oil prices surged overnight Monday, settling near $100 a barrel as the conflict with Iran shows no signs of slowing down. Energy Secretary Chris Wright on Sunday downplayed concerns about the Strait of Hormuz's closure and its effect on energy prices. President Trump called it a 'very small price to pay' for 'peace' in a social media post later in the day. Iran on Sunday named its next leader after joint U.S. and Israeli strikes killed Supreme Leader Ali Khameinei. Mojtaba Khameinei, son of the late ayatollah, was picked Sunday to lead the nation.

  • Oil prices surged overnight Monday, settling near $100 a barrel.
  • Energy Secretary Chris Wright made his comments on Sunday.
  • President Trump made his social media post later on Sunday.
  • Iran named its next leader on Sunday.

The players

Chris Wright

The U.S. Energy Secretary who downplayed concerns about the Strait of Hormuz's closure and its effect on energy prices.

Donald Trump

The former U.S. President who called the oil price surge a 'very small price to pay' for 'peace'.

Mojtaba Khameinei

The son of the late Iranian Supreme Leader Ali Khameinei, who was named as Iran's next leader after his father's death.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.