Leadership change in Iran escalates West Asia and oil concerns
US President Donald Trump said he is “not happy” with Iran’s choice of a new supreme leader after Tehran appointed cleric Mojtaba Khamenei to succeed his father. Israel too warned that the new supreme leader could become a target if hostilities persist.
Earlier, in a message posted on social media, the Israel Defense Forces cautioned members of Iran’s clerical leadership against participating in the process of appointing a new leader. “We warn all those who intend to participate in the successor selection meeting that we will not hesitate to target you. This is a warning,” the Israeli military said, as Iran’s clerical body prepared to decide on the next supreme leader.
The appointment comes amid intensifying military confrontation in the region as Israel continued targeting Iranian military infrastructure and senior figures as part of its campaign against Tehran.
Trump’s remarks came shortly after Iran formally announced Mojtaba Khamenei as the country’s new supreme leader, a move widely interpreted as reinforcing the dominance of hardline factions within Iran.
Meanwhile, the conflict in West Asia pushed oil prices. Crude oil prices jumped 30 per cent early to nearly $119.50 a barrel, one of its biggest one-day jumps on record, before settling near $106 per barrel, up 14 per cent, before the opening bell. This triggered a stock market bloodbath in India, with investors losing over INR 12 lakh crore in a single day from a rout driven by heavy equity sell-offs and foreign investor outflows. Iran vowed to continue resisting aggression by the United States and Israel. Iranian officials say the ongoing strikes have killed more than a thousand civilians and injured thousands more.
Trump also said that any decision about ending the war involving Iran would be taken jointly with Israeli Prime Minister Benjamin Netanyahu.
Earlier, Trump had suggested that Washington should have a role in approving Iran’s next leader. In comments to US media before the appointment, he said the new leader “would have to get approval from us,” warning that without such acceptance “he’s not going to last long.” Trump also argued that the United States wanted to avoid future confrontations with Iran, particularly over nuclear weapons.
Iran’s powerful clerical body, the Assembly of Experts, announced that Mojtaba Khamenei had been chosen by a decisive vote to become the third supreme leader of the Islamic Republic. The position is the most powerful office in Iran, giving the holder final authority over Stateinstitutions, the armed forces and key foreign policy decisions.
Meanwhile, Russian President Vladimir Putin on Monday expressed “unwavering support” for Iran’s newly appointed supreme leader Mojtaba Khamenei, who assumed the country’s top leadership position after his father Ali Khamenei was killed in recent US-Israeli strikes.
In a message to Tehran, Putin reaffirmed Moscow’s backing for Iran, saying Russia would remain “a reliable partner” to the Islamic Republic during a period of heightened regional tensions.
“I would like to reaffirm our unwavering support for Tehran and solidarity with our Iranian friends,” Putin said, adding that leading the country at a time of armed confrontation would require “great courage and dedication.”
Mojtaba Khamenei has long been considered an influential figure within Iran’s political system despite rarely holding a formal public office. Born in 1969, he briefly served as a teenager during the Iran-Iraq War. Over the years he built strong ties with Iran’s security institutions, particularly the powerful Islamic Revolutionary Guard Corps (IRGC).
Crude surge hits markets hard
New Delhi: Shares of oil marketing companies and paint manufacturers fell sharply on Monday as crude prices surged amid escalating West Asia tensions. Bharat Petroleum dropped 6.12 per cent, Hindustan Petroleum 5.05 per cent, and Indian Oil 4.30 per cent, while Brent crude jumped 14.17 per cent to $105.9 per barrel. Paint stocks also slid, including Shalimar Paints (-4.18 per cent) and Asian Paints (-2.75 per cent).
“The surge in oil prices hit energy-linked sectors as margins get squeezed,” said Hariprasad K, Livelong Wealth founder. The BSE Sensex lost 1,352 points to 77,566, and Nifty fell 422 points to 24,028. The moves follow US-Israel strikes on Iran and Iranian attacks across Gulf bases.
