Mojtaba Khamenei Named Iran Supreme Leader as Oil Surges
Iran named Mojtaba Khamenei as supreme leader on Monday to succeed his father. The appointment comes as a week of war has pushed U.S. crude prices up over 20%.
The Assembly of Experts in Iran has officially appointed Mojtaba Khamenei as the nation's third Supreme Leader, succeeding his father, Ali Khamenei. The decision, announced just after midnight Tehran time, comes amid a week-old military conflict involving the United States and Israel, which has triggered a significant surge in global energy prices. Brent Crude Oil and U.S. crude futures rose by more than 20% in early Monday trade, reaching their highest levels since July 2022 as fears of supply disruptions through the Strait of Hormuz intensified.
Mojtaba Khamenei, a cleric with deep influence within the security forces and extensive business networks, was selected by a decisive vote of the 88-member assembly. The position grants him final authority over all state matters in the Islamic Republic. The transition follows the death of Ali Khamenei, who was reportedly killed in the opening strikes of the current military campaign.
