Iran-US struggle newest: Oil hits $115 a barrel after Khamenei’s son named new supreme chief
Iran has elected Mojtaba Khamenei as its new leader, more than a week after his father was killed in an airstrike.
The 56-year-old was chosen to become the next supreme leader on Sunday evening, despite Donald Trump’s insistence that he should have a say in the appointment.
“By a decisive vote, the Assembly of Experts appointed Ayatollah Seyyed Mojtaba Hosseini Khamenei as the third Leader of the sacred system of the Islamic Republic of Iran,” the assembly said.
Khamenei will step into the role having never held a position in Iran’s government. He represents a continuation of his father’s hardline policies, having opposed reformers and dialogue with the West.
The decision was announced shortly after the US confirmed that a seventh military service member has died from wounds sustained during Iran’s initial counterattack a week ago. They have not been named.
“Last night, a U.S. service member passed away from injuries received during the Iranian regime’s initial attacks across the Middle East. The service member was seriously wounded at the scene of an attack on U.S. troops in the Kingdom of Saudi Arabia on March 1,” U.S. Central Command said in a statement.
Emirates pledges to resume all flights despite Dubai airport attack
The biggest airline in the Gulf, Emirates, is resuming flights at scale – despite its hub at Dubai airport being the target of an Iranian attack.
Following fresh drone strikes in the UAE city, flights were briefly suspended on Saturday and passengers were taken into tunnels at the airport, which is normally the busiest global hub in the world.
But Emirates said it would continue to ramp up its operations to and from its hub at Dubai.
The carrier said in a post on X that it expects a swift return to normality, saying: “The airline anticipates a return to 100 per cent of its network within the coming days, subject to airspace availability and the fulfilment of all operational requirements.
Simon Calder reports.
Recap: Iran-US war developments over the weekend
If you’re just joining us, below are the key developments of the ongoing war between the US, Israel and Iran from over the weekend:
- Iran has appointed its new supreme leader, Ayatollah Ali Khamenei’s son Mojtaba Khamenei
- President Donald Trump had warned on Sunday that a new leader is “not going to last long” without US approval
- Israel carried out attacks on Iran’s oil and energy infrastructure covering the capital with thick black smoke
- Iran has threatened retaliatory attacks on oil facilities after vowing not to attack its Gulf partners
- The price of oil could reach $150 a barrel and bring down the global economy, Qatar’s foreign minister has warned
Asian markets in turmoil as oil prices surge
Markets nosedived in Asia today as the inflationary jolt from surging oil prices threatened to raise living costs and interest rates across the globe, while investors desperate for liquidity fled to the US dollar.
Brent crude soared 27 per cent to $117.58 a barrel, the biggest daily gain since at least 1988, which came on top of a 28 per cent rise last week.
U.S. crude shot up a staggering 28 per cent to $116.51, promising to push petrol prices quickly skyward.Japan’s Nikkei 225 stock index plunged more than 7 per cent on top of a 5.5 per cent drop last week.
South Korea’s high-flying market fell closer to Earth with a drop of 8.2 per cent, having already shed more than 10 per cent last week.
China is another big oil importer, though it also has a huge stockpile of crude; its blue-chip index fell 1.7 per cent.
Kospi tumbles triggering South Korea circuit breaker
South Korean shares slumped 8 per cent this morning prompting stock market authorities to activate circuit breakers for a second time this month on the escalating Middle East conflict.
The Korea Exchange triggered a circuit breaker on the Kospi at around 10.31 am for 20 minutes after the index plunged more than 8 per cent in just over a minute.
A circuit breaker is a mechanism that temporarily halts trading on a stock exchange when prices fall sharply to prevent panic selling.The Korea exchange did the same last Wednesday when the Kospi plunged by more than 12 per cent.
Qatar PM says Iran’s miscalculation ‘destroyed everything’
Qatari prime minister Sheikh Mohammed bin Abdulrahman al Thani has called Iran’s attacks on Gulf countries a “dangerous miscalculation”.
Qatar has long positioned itself as a global mediator able to maintain dialogue with all sides, but that relationship with Tehran now appears under strain.
Iran has launched attacks on at least half a dozen Gulf nations housing US military bases, including Qatar, in retaliation against the US and Israel’s strikes on Tehran.
“It is a big sense of betrayal,” the prime minister told Sky News. “Just an hour after the start of the war, Qatar and other Gulf countries have been attacked. We made clear that we were not going to take part in any wars against our neighbours.”
“All the attacks on the Gulf countries – we never expected this from our neighbour,” he said.
“We have always tried to preserve a good relationship with Iran, but the justifications and pretexts they are using are completely rejected.””We continue to seek de-escalation,” he said
“They are our neighbours – it’s our destiny.”
“The miscalculation by the Iranians to attack Gulf countries has destroyed everything,” he added.
Watch: Trump’s energy secretary says gas prices will be high for ‘weeks not months’
Bangladesh shuts universities to battle fuel shortage
Bangladesh will close all universities from today, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel amid a worsening energy crisis linked to the conflict in the Middle East.
Authorities said the decision applies to all public and private universities across the country, a move officials said will not only reduce electricity consumption but also ease traffic congestion, which leads to fuel wastage.
Officials said university campuses consume large amounts of electricity for residential halls, classrooms, laboratories and air conditioning, and the early closure would help ease pressure on the country’s strained power system.
The move comes as Bangladesh faces mounting uncertainty over fuel and gas supplies following disruptions to global energy markets caused by the ongoing conflict in the Middle East.
The country, which relies on imports for 95 per cent of its energy needs, imposed daily limits on fuel sales on Friday after panic buying and stockpiling.
Smoke rises from Bahrain’s Bapco oil refinery after Iran attack
Thick smoke was seen rising from the direction of the Bapco oil refinery in Bahrain this morning, Reuters reported.
Smoke surrounded the refinery after the government earlier said injuries and damage were sustained in the Sitra area as a result of an Iranian drone attack.
Bapco is Bahrain’s main oil refinery and a key facility in the country’s energy sector.
Trump called new Iranian supreme leader ‘a lightweight’
US president Donald Trump has derided Mojtaba Khamenei, the new supreme leader of Iran, who has never been elected or appointed to a government position, as “a lightweight.”
“We want someone who will bring harmony and peace to Iran,” Mr Trump said in an interview with Axios last week.
“They are wasting their time. Khamenei’s son is a lightweight. I have to be involved in the appointment,” Mr Trump said before the official appointment of the new leader. “Khamenei’s son is unacceptable to me,” he added.
Iranian state TV said early on Monday that Mojtaba Khamenei, son of the country’s late supreme leader Ali Khamenei, had been named his successor.
Iran fires first missiles at Israel since appointment of new Ayatollah
Iran has reportedly resumed its launches of missiles towards Israel this morning, the first such attacks since the appointment of its new supreme leader, Mojtaba Khamenei.
Iranian state TV said early on Monday that Mojtaba Khamenei, son of the country’s late supreme leader, had been named his successor.
He had long been considered a contender, even before an Israeli strike killed his father at the start of the war, and despite never being elected or appointed to a government position.
Source: independent.co.uk
