Oil prices soared above $100 a barrel Monday as the U.S.-Israeli war with Iran entered its 10th day and fears of a prolonged conflict sent shockwaves through global energy markets, with multiple Iranian retaliatory strikes reported overnight across the region.

Iranians are expected to gather nationwide on Monday afternoon to pledge allegiance to new Supreme Leader Mojtaba Khamenei, a hardline regime insider deeply intertwined with the Islamic Revolutionary Guard Corps whose rise sends a strong message of defiance against the United States.