In Tehran, funeral prayers for the slain Iranian Supreme Leader, Ayatollah Ali Khamenei, were marked by chants of “Revenge” from mourners. The funeral follows Khamenei’s assassination in an Israeli airstrike, a pivotal event in the ongoing 2026 Iran War, which began after the collapse of US-Iran negotiations. The mourners’ chants and the display of Khamenei’s clenched fist at the ceremony suggest a potential for heightened tensions and unrestrained retaliation from the Iranian regime. Markets are observing these developments closely, with implications for the stability of Iran’s leadership by the end of 2026.

Key Takeaways

• The chanting of “Revenge” at Khamenei’s funeral suggests increased instability and unrest in Iran.
• Current market pricing indicates a significant expectation of regime change in Iran by the end of 2026.
• The assassination of Khamenei appears to have intensified market perceptions of potential leadership upheaval.

What to Watch

Observers should monitor Iran’s response to Khamenei’s assassination and any subsequent military or political actions. Developments in the US-Israeli military operations and Iran’s potential retaliatory steps will be key indicators of the region’s stability. Markets will be particularly sensitive to announcements from the Assembly of Experts regarding Iran’s future leadership, as these could significantly influence market pricing related to Iran’s leadership status by the end of 2026.

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