Our stories today:
Iran has a new supreme leader. Mojtaba Khamenei has been named the successor to his father, Ali Khamenei, following a decision by Iran’s Assembly of Experts, the 88-member clerical body responsible for selecting the country’s supreme leader. The position is the most powerful in the Islamic Republic, giving Mojtaba ultimate authority over Iran’s military, foreign policy, and intelligence services.
Oil prices have surged dramatically as the conflict between the United States, Israel, and Iran hits day 10, rattling global energy markets. The price of Brent crude – the international oil price benchmark – jumped to as high as 120 dollars per barrel early Monday, hitting the highest level since June 2022. Markets are particularly worried about the Strait of Hormuz, a vital shipping route through which around one-fifth of the world’s oil supply normally passes.
The conflict in the Middle East has begun to also take its toll on Central and Eastern Europe, as drivers in the region face fuel prices not seen in three years. Although the situation is not dire, the government is considering taking steps to shield the economy from further fuel price hikes.
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