Just experienced a sharp drop! Over 3,000 points plummeted, Japanese and Korean stock markets dive

Asian and Japanese stock markets plummeted, gold prices tumbled, and oil prices surged.

On March 9, Asian and Japanese stock markets opened sharply lower, with the Nikkei 225 index dropping over 3,000 points, down more than 6%. South Korea’s KOSPI index temporarily fell over 7%, currently down over 6%.

In the commodities market, spot gold fell more than 2%.

Oil prices surged significantly, with both WTI and Brent surpassing $100 per barrel, briefly exceeding $110 per barrel during trading. Abu Dhabi National Oil Company (Adnoc) and Kuwait Petroleum announced production cuts respectively. The former stated it was “adjusting offshore production levels to meet storage demand,” while the latter explicitly attributed the cut to “Iran’s threats to the safe passage of ships through the Strait of Hormuz.”

In news developments, multiple Iranian media outlets reported early on the 9th that on the 8th, Iranian experts issued a statement announcing the appointment of the late Supreme Leader Ali Khamenei’s son, Mojtaba Khamenei, as the new Supreme Leader of the Islamic Republic of Iran.

The statement from the Iranian expert council said that recently, the office of the expert council was bombed, resulting in several casualties among staff and security personnel. Amid intense war conditions and direct threats from enemies, and in accordance with the constitution and internal regulations, the council took necessary measures, convened an emergency meeting, and elected a new leader.

The statement expressed respect for the wise governance of the previous two Supreme Leaders over the past 47 years, based on principles of dignity, independence, and strength. It also announced that, after deliberation, under the authority granted by Article 108 of the Iranian Constitution, the council overwhelmingly voted to designate Mojtaba Khamenei as the third Supreme Leader of the Islamic Republic of Iran.

Previously, U.S. President Donald Trump issued a stern warning, claiming that Iran’s new leader “will not last long” without U.S. approval.

On the 8th, Trump threatened that Iran’s newly appointed leader “must be approved by us,” or “he will not last long.” Trump also said that the U.S. might consider accepting someone connected to the “old regime” in Iran as the new leader, noting that “many people could qualify.” Earlier, on the 5th, Trump stated that “personal involvement” was necessary to select Iran’s next leader and threatened that he would not accept the son of the late Supreme Leader Khamenei as Iran’s new leader. He warned that if Iran produces a new leader “continuing Khamenei’s policies,” the U.S. would be forced to “return to war within five years.”

The Israeli Defense Forces (IDF) also announced on the 8th that they would target Iran’s new Supreme Leader and all members of the expert council.

The IDF stated that the Israeli military would “hunt down” the successor to Iran’s late Supreme Leader Khamenei. A military spokesperson posted on social media in Persian that the Iranian regime “is trying to reorganize internally” and elect a new Supreme Leader. “We want to tell everyone that Israel will continue to pursue and eliminate any successors and anyone attempting to appoint successors.”

The spokesperson also said that all members participating in the Iranian expert council would be “unhesitatingly targeted” by Israel, issuing a warning.

(Source: Securities Times)