President Donald Trump said Monday the war with Iran could be short, even as he warned that any move to disrupt oil shipments through the Strait of Hormuz would bring a much stronger U.S. response. His comments came as fighting continued across the region and markets reacted sharply to the risk of a wider energy shock.
Iranian state media, meanwhile, announced that Ayatollah Mojtaba Khamenei had been named the country’s new supreme leader after the death of his father. The leadership change was seen as a sign that Tehran is preparing for a harder line rather than a quick retreat.
Multiple strikes were reported in Tehran, while Israel said it was carrying out a broad wave of attacks on Iranian targets. Iran kept up missile and drone fire toward Israel and Gulf states, adding pressure across the Middle East.
Oil prices surged before easing later in the day, and U.S. stocks recovered as some investors bet the conflict may not last much longer. Still, the war has already hit energy flows, damaged infrastructure and deepened fears of a broader regional crisis.
