Khamenei burial amid US-Iran strikes
Analysis based on 99 articles · First reported Apr 20, 2026 · Last updated Jul 10, 2026
Oil prices slipped as markets priced in a potential de-escalation after Trump suggested the fighting would not be long-term, but the Strait of Hormuz disruption continues to pose supply risks. Stock markets recovered some losses, with the S&P 500 up 0.7%, as AI-related stocks like Micron Technology rallied, though uncertainty over inflation and interest rates persists.
Iran buried former Supreme Leader Ali Khamenei on July 9-10, 2026, in Mashhad after a six-day funeral, as renewed US-Iran hostilities erupted. The US launched strikes on Iranian targets, including near the Bushehr nuclear plant and a railway line, killing 17 people according to Iranian officials. Iran retaliated by attacking US assets in Kuwait, Bahrain, and Qatar, and launching missiles at Jordan. The Strait of Hormuz remains contested, with Iran hitting three ships and traffic dropping sharply. Mojtaba Khamenei, the successor, remains hidden due to injuries. Israel warned of a potential third attack on Iran. Financial markets showed volatility: oil prices fell 2.1% to $76.39/barrel, while the S&P 500 rose 0.7% amid hopes the conflict may not escalate long-term.
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