After Mojtaba Khamenei was appointed as Iran’s new supreme leader, Iran’s key power centers, including the Revolutionary Guards, quickly rallied behind him, suggesting that his late father’s hard-line policies are likely to continue.
The escalation of the conflict sent oil prices soaring above $100 a barrel on Sunday, the first time they have surpassed that level since Russia’s invasion of Ukraine in 2022.
Other headings include:
Mojtaba’s first moves: After Mojtaba Khamenei was chosen to succeed his murdered father Ali Khamenei as the country’s new supreme leader, all eyes are now on how he will lead Iran through one of the biggest crises in modern history and what his first actions will be. US President Donald Trump last week said it was “unacceptable” that the younger Khamenei would be chosen.
Oil prices: Asian markets fell on Monday as oil prices hit a four-year high as investors grew anxious over the ongoing war in the Middle East. Crude oil futures and gasoline prices have soared as traders worry that a war with Iran could lead to prolonged restrictions on oil flows around the world.
President Trump’s comments: President Trump dismissed concerns about rising oil prices as “a very small price to pay.” Senate Majority Leader Chuck Schumer called on President Trump to tap into the Strategic Petroleum Reserve, the world’s largest emergency oil reserve, to lower energy prices. Meanwhile, administration officials are trying to allay concerns about rising gasoline prices.
New attacks: Persian Gulf states reported further airstrikes on Monday morning, including Bahrain, which said at least 32 people were injured in an Iranian drone strike. The Israeli military also announced that it had launched a new offensive into central Iran, hitting Hezbollah infrastructure in Beirut.
Terms of surrender: President Trump said he would decide with Israel when the war ends, adding that Israeli Prime Minister Benjamin Netanyahu would be involved in the decision, but that the final say rested with the U.S. government. Secretary of Defense Hegseth also said that the United States and President Trump would set “terms of surrender” with Iran, but did not provide details.
‘New phase’ of war: Israel’s attacks on Iranian energy resources and fuel storage facilities have entered a ‘new phase’ in the war, Iranian officials have warned, threatening retaliatory attacks on energy infrastructure across the region, raising fears of further disruption to regional oil and gas facilities.
Attack on Iranian school: Secretary of Defense Pete Hegseth said the United States is still investigating an attack on an Iranian school that killed at least 168 children. President Donald Trump told reporters he believed Iran was responsible for the attack.
