Iran named Mojtaba Khamenei as successor to his murdered father as supreme leader on Monday, signaling that hardliners remain firmly in charge and appearing to close off any path to a quick end to the Middle East war.
The prospect that the global energy supply crunch — already one of the most severe in history — could last longer than previously expected has sent oil prices soaring 🏽 by record leaps and global stock markets plummeting.
was declared unacceptable by US President Donald Trump, who demanded Iran’s unconditional surrender.
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Iran’s political system has rallied around the new supreme leader, with politicians and institutions issuing strongly worded pledges of loyalty. Public processions were announced to take vows of loyalty on Monday.
“We will obey the commander in chief to the last drop of our blood,” a statement from the defense council said.
Mojtaba’s father, Supreme Leader Ali Khamenei, was killed in one of the first attacks on Iran more than a week ago.
Mojtaba was seen as one of the favorites ahead of Sunday’s vote by the Assembly of Experts, a body of 88 clerics tasked with choosing the new supreme leader, who has the final say on all matters of state.
Despite public vows of loyalty, Iranian society remains deeply divided. Many Iranians publicly celebrated the death of the elder Khamenei, weeks after his security forces killed thousands of anti-government protesters in the worst internal unrest since Iran’s 1979 revolution era.
But there were few signs of anti-government activity during the bombing campaign. Activists say it would not be safe to take to the streets while the country is under attack.
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Israel claims its war aim is to overthrow Iran’s clerical government system. Initially, Washington was more circumspect, saying its aim was to destroy Iran’s missile capabilities and nuclear program, although Trump has increased his demands, also demanding the installation of a compliant Iranian government.
Israel had said it would kill whoever succeeded the elder Khamenei unless Iran ended its hostile policies. Trump repeated his demand on Sunday that Washington have a voice in the selection of the new supreme leader.
“If it doesn’t have our approval, it won’t last long,” he told ABC News, adding that ending the war would be a “mutual” decision with Israeli Prime Minister Benjamin Netanyahu.
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In an interview with the Times of Israel following the appointment of the new supreme leader, Trump declined to respond, saying only: ‘We’ll see what happens,’ according to the newspaper.
Oil exceeds US$ 100 per barrel
The war practically closed the Strait of Hormuz, through which a fifth of the oil and liquefied gas transported by sea passes, close to the Iranian coast. With oil tankers unable to sail for more than a week, producers have run out of storage capacity and are being forced to halt pumping.
Brent oil futures contracts (LCOc1) rose 12.5%, to US$ 104.30 per barrel, at 7:17 am (Brasília time), after having reached US$ 119.50, heading, at one point, for the biggest increase in a single day.
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The — rekindling memories of the Middle East oil shock of the 1970s — sent stock markets in Asia and Europe into a tailspin, which futures showed was likely to hit Wall Street at Monday’s open.
The price of gasoline has enormous political resonance in the United States, where Trump’s Republican supporters hope to maintain control of Congress in November’s midterm elections. He won the election in 2024 after promising to end wars abroad and reduce the cost of living.
“Short-term oil prices, which will fall rapidly once the destruction of Iran’s nuclear threat ends, is a very small price to pay for the security and peace of the United States and the world,” . “ONLY FOOLS WOULD THINK DIFFERENTLY!”
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