Supporters took to streets of Tehran early on Monday to celebrate the appointment of Mojtaba Khamenei as Iran's new supreme leader. The younger Khamenei, who has not been seen or heard from publicly since the war started, had long been considered a contender for the post, even before an Israeli strike killed his father, Ayatollah Ali Khamenei, and despite never being elected or appointed to a government position. 

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Oil prices jump and markets slide as Iran names new supreme leader and digs in

Oil prices jump and markets slide as Iran names new supreme leader and digs in

Oil prices surged and stock markets slid after hard-line Ayatollah Mojtaba Khamenei was chosen to succeed his late father as Iran's supreme leader. His appointment on Monday, and new strikes on regional oil infrastructure, signaled that Iran was digging in 10 days into the war launched by the United States and Israel. The war has choked off major supplies of oil and gas to world markets, led foreigners to flee from business hubs and prompted millions to seek shelter as bombs hit military bases, government buildings, oil and water installations, hotels and at least one school. Khamenei is a secretive 56-year-old cleric and only the third supreme leader in the history of the Islamic Republic.

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