Black Clouds Over Iran and the Global Oil Market: Live Updates

"Mojtaba Khamenei was indeed chosen by senior clerics to be the country's new supreme leader. This is not just a sign of continuity with the elder Khamenei's regime, but Mojtaba was also the top choice of the Revolutionary Guard - which may mean an even more hardline bent for the regime."

"Israeli and U.S. officials said the IDF notified the U.S. military ahead of the strikes. But a U.S. official said that the U.S. military was surprised by how wide-ranging they were. 'We don't think it was a good idea,' a senior U.S. official said. An Israeli official said the U.S. message to Israel was 'WTF'."

"U.S. officials are concerned the footage of burning depots could spook oil markets and push energy prices even higher. 'The president doesn't like the attack. He wants to save the oil. He doesn't want to burn it. And it reminds people of higher gas prices,' a Trump adviser told Axios."

Mojtaba Khamenei has been chosen as Iran's new supreme leader by senior clerics, representing continuity with his father's regime while potentially indicating a more hardline direction given the Revolutionary Guard's strong support. Simultaneously, a seventh U.S. servicemember died from injuries sustained in a March 1 attack in Saudi Arabia. Israel conducted extensive strikes on Iranian oil infrastructure, creating massive fires and black smoke across multiple facilities. The U.S. military expressed surprise at the strikes' scope despite advance notification, with Trump administration officials criticizing the operation for potentially destabilizing oil markets and raising energy prices, contrary to the president's preference to maintain stable oil supplies.

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