Washington, New Delhi: Iran chose Mojtaba Khamenei, the hardline son of the assassinated Ayatollah Ali Khamenei, as its new supreme leader, signaling Tehran won't back down in a war now raging across West Asia and causing a surge in energy prices.
The choice was quickly criticised by US President Donald Trump, who is under mounting pressure as oil prices rise to near four-year highs and fears of a new inflation crisis grow. The effective closure of the Strait of Hormuz has forced Saudi Arabia to reduce production, follow ing similar moves by the UAE, Kuwait and Iraq. Brent crude climbed to almost $120 earlier in the day, but pared gains after people familiar with the matter said Group of Seven finance ministers are preparing to discuss a possible joint release of emergency fuel reserves. Brent crude was up seven per cent to nearly $99 as of 10.20 pm India time. Stocks tumbled and a global bond rout accelerated, while the dollar hit its highest level in seven weeks. Equity investors in India lost `8.54 lakh crore as the Sensex fell 1,352 points, mimicking global markets. Rupee plunged to a historic low of 92.36 against US dollar.
MANAMA: Turkey's defence ministry on Monday said a ballistic missile fired from Iran was intercepted in Turkish airspace by NATO defence systems, in the second such incident in five days.
"A ballistic munition launched from Iran and entering Turkish airspace was neutralised by NATO air and missile defence assets in the eastern Mediterranean," it said in a statement.
What to know:
- Iran launched more attacks on Israel and Gulf countries Monday on Day 10 of war in West Asia.
-Mojtaba Khamenei, a son of Iran's late supreme leader, has been named his successor, Iranian state TV announced early on Monday, as the war that began a little over a week ago with his father's killing took a dramatic turn. Read more about him here.
- India favours peace and return to dialogue and diplomacy and advocates de-escalation, restraint and ensuring safety of civilians, External Affairs Minister S Jaishankar said on Monday on the widening West Asia conflict.
- Oil prices spiked near $120 per barrel before falling back slightly on Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.
- India's share markets opened with a bloodbath on Monday as both benchmark indices declined sharply in the opening session amid a huge surge in crude oil prices and heavy selling across global markets. Read more here.
- The human rights group Human Rights Watch said in a report Monday that the Israeli military "unlawfully" hit a village in southern Lebanon with shells containing white phosphorus, a controversial incendiary munition. Read more here.
- There was no Indian fatality in the projectile incident that struck a residential compound in Saudi Arabia, the Indian Embassy in Riyadh said on Monday. It added that an Indian national injured in the incident on Sunday is undergoing treatment at a government hospital.
- Saudi Arabia sharpened its warnings to Iran, telling Tehran Monday it would be the "biggest loser" if it continues to attack Arab states. The Saudi statement came after a new drone attack apparently targeted its massive Shaybah oil field.
- The U.S. military announced a seventh American service member has died of injuries sustained during an Iranian attack on troops stationed in Saudi Arabia.
- The death toll continues to rise: The war has killed at least 1,230 people in Iran, at least 397 in Lebanon and around a dozen in Israel, according to officials in those countries.