Trump Says ‘I Have a Plan’ as War Triggers Tumult in Oil Market

US President Donald Trump confronted mounting pressures on the 10th day of the Iran war as oil prices surged past $100 and the Islamic Republic announced the hardline son of the assassinated Ayatollah Ali Khamenei as its new supreme leader.

Oil pared some gains Monday as the world’s largest economies considered a coordinated release of emergency oil stockpiles. Turmoil in weekend trading saw prices top $118 a barrel. The Strait of Hormuz remained all but closed, with no finalized plans on how nations will safeguard ships passing through the key waterway.

Smoke above petroleum storage facilities following strikes in Tehran, Iran, on March 9.

Photographer: Morteza Nikoubazi/NurPhoto/Getty Images

“I have a plan for everything,” Trump told ...