Iran’s new Supreme Leader, Mojtaba Khamenei

EA on International Media: US and Israel Expand Their Wars in Iran and Lebanon — But How They Will End Them?

Why the UK is Involved in the US-Israel War on Iran

UPDATES: US and Israel Strikes “Turning Tehran Into Gaza”

UPDATE 0744 GMT:

Saudi Arabia has condemned Iran’s “reprehensible” retaliatory attacks.

The Saudi foreign ministry posted on social media that the Iranian strikes “cannot be accepted or justified under any circumstances”.

It said, “The Kingdom affirms its full right to take all measures that ensure the protection of its security, sovereignty, and the safety of its citizens and residents, and to deter aggression.”

UPDATE 0735 GMT:

Stock markets in Asia dropped sharply on Monday.

Japan’s Nikkei 225 fell 5%. South Korea’s Kospi slumped 6.6%, and Australia’s ASX 200 closed 2.9% lower.

UPDATE 0729 GMT:

Bahrain’s State oil company has declared force majeure for its shipments after an Iranian attack set its refinery ablaze.

The legal maneuver releases the company from contractual obligations because of extraordinary circumstances.

ORIGINAL ENTRY: Iran has named Mojtaba Khamenei, 56, as the new Supreme Leader.

Khamenei succeeds his father, Ayatollah Ali Khamenei, who was assassinated in the initial US-Israeli strikes nine days ago. He is only the third Leader in the 47-year history of the Islamic Republic.

The Assembly of Experts announced the “decisive vote” on Sunday. It called on Iranians, “especially the elites and intellectuals of the seminaries and universities”, to pledge loyalty to Khamenei and to preserve national unity.

Mojtaba was widely expected to be selected. He has long been considered a likely successor to his father, who was 86, and was supported by the Revolutionary Guards and conservative clerics.

As a mid-ranking cleric, he did not meet the selection criteria of being an Ayatollah. However, his father was in the same position in 1989, when the requirement was waived for his rise to power.

Iranian State media showed a projectile, to be launched at Israel with the slogan, “At your command, Sayed Mojtaba.”

Donald Trump has called Mojtaba “unacceptable”. The reality TV star demanded a role in choosing the next Iranian leader, and said the next Supreme Leader was “not going to last long” if Tehran did not get his approval.

After news of Mojtaba’s selection, Trump said, “We’ll see what happens.”

The Israeli military, in a social media post in Farsi, also said it will try to kill every successor of the late Supreme Leader.

Oil Surges Past $100 A Barrel

Meanwhile, the economic shock of the US-Israeli war intensified as the global price of oil passed $100 per barrel, the highest level since Russia launched its full-scale invasion of Ukraine in February 2022.

The cost has risen almost 40% since the start of the US-Israel war. Shipping through the Strait of Hormuz, through which around 25% of the world’s maritime oil passes, has dropped up to 90%. Gulf State refineries have faced suspensions amid Iran’s retaliation, and Iraq said on Sunday that its production has fallen 70% from 4.3 million barrels per day to 1.3 million bpd.

The Brent crude price surged as high as $119.50 per barrel in Asia Pacific markets on Monday. The price fell back after reports that G7 Finance Ministers will discuss a joint release of petroleum from reserves.

A Revolutionary Guards spokesperson told the US and Israel, “If you can tolerate oil at more than $200 per barrel, continue this game.”

The White House and its allies publicly played down any long-term problem. Donald Trump blustered:

Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!

Energy Secretary Chris Wright told CNN on Sunday morning, “You never know exactly the timeframe of this, but in the worst case this is a weeks, not a month thing.”

But privately Trump’s Chief of Staff Susie Wiles told advisors to bring ideas to lower gasoline prices.

A Trump official said Wright and other advisors focused on energy policy, including a council led by Interior Secretary Doug Burgum, “are getting screamed at to find some good news”.

They said, “Folks are scrambling for announcements and messaging to counter the narrative.”

The Trump camp have already issued a 30-day waiver to India to purchase Russian oil, undercutting sanctions on Moscow trying to end its invasion of Ukraine.

Treasury Secretary Scott Bessent said over the weekend that other waivers may be issued.

Wright also defended suspending measures against Russia’s “shadow fleet” of tankers, despite reports that Moscow has assisted Iran with targeting of US troops and facilities.