From The New York Times:
Markets in Asia and Europe tumbled on Monday, and U.S. futures were down, as a spike in oil prices reflected global fears of a prolonged U.S.-Israeli war with Iran. Meanwhile, Iran projected defiance by naming a son of its slain supreme leader as his successor. Oil prices briefly surged early Monday to almost $120 per barrel, their highest level since the Covid pandemic, as President Trump’s plans for the next steps in the war, let alone its endgame, remained unclear, and Iran showed no sign of bowing to his demand for unconditional surrender.
Iran’s new supreme leader, Mojtaba Khamenei, was appointed by senior clerics on Monday, days after Mr. Trump declared that he was an “unacceptable choice” and amid Israeli threats to kill Ayatollah Ali Khamenei’s successor. Iran’s military and hard-line political forces trumpeted the selection, but in Tehran, opponents of the government were heard chanting “Death to Mojtaba” from their windows — reflecting widespread if muted dissent.