Photo: Science Photo Library RF
1 Son Of Slain Ayatollah Named Iran's New Supreme Leader
Iran has a new supreme leader: Mojtaba Khamenei, the second son of Ayatollah Ali Khamenei, who was killed in U.S.-Israeli airstrikes on the first day of the war. The Islamic Revolutionary Guard Corps quickly pledged full allegiance, describing him as "the fully qualified jurist, the young thinker and the most knowledgeable in political and social matters." Mojtaba, born in 1969, is a cleric who studied theology in the religious city of Qom and fought as a young volunteer in the Iran-Iraq war. He is believed to have deep ties to senior IRGC figures, which matters enormously in Iran's political system, where the Guards wield vast military, economic, and political influence. President Trump, who previously called Mojtaba a "lightweight" and demanded a role in choosing Iran's next leader, said the new supreme leader "is not going to last long" without U.S. approval.
2 Oil Hits $100 A Barrel For First Time Since 2022
Oil prices crossed the $100 per barrel mark yesterday for the first time since July 2022, driven by the widening U.S.-Iran war and disruptions to global oil shipping. U.S. crude futures rose to nearly $109 per barrel while Brent, the international benchmark, hit around $107. The Strait of Hormuz, through which roughly 20-percent of the world's oil normally travels, has been effectively shut since the war began, and oil production cuts in Kuwait, the UAE, and Iraq are adding pressure. The national average for gas at the pump rose to $3.45 per gallon, up about 47 cents from the prior week. Dow futures fell around 900 points Sunday, with S&P 500 and Nasdaq futures also declining. Trump called the price surge "a very small price to pay" on Truth Social. One analyst warned oil could hit $120 a barrel if conditions don't improve within weeks.
3 Energy Secretary Chris Wright Says Elevated Energy Prices Will Be "Temporary"
Energy Secretary Chris Wright appeared on CBS's "Face the Nation" yesterday and said the spike in energy prices caused by the Iran war will be short-lived. Gas prices are up 14-percent in the past week, reaching a national average of $3.45 per gallon, up from below three-dollars in December. Wright said prices "shouldn't go much higher" because the world is well supplied with oil, and called the situation "weeks, not months." He blamed "emotional reactions and fear" for the market surge, not an actual shortage, and pointed to over 100 million barrels of Russian oil that could be made available as a stopgap. The Strait of Hormuz, through which about 20-percent of global oil normally flows, has been essentially shut since the war began on February 28. Wright said he expects ship traffic to return to normal levels "relatively soon" with U.S. military protection.