DUBAI, United Arab Emirates (AP) Oil prices surged and markets slid Monday after hard-line Ayatollah Mojtaba Khamenei was chosen to succeed his late father as Iran’s supreme leader, signaling that Iran is preparing for a more confrontational approach towards the West. The appointment of Mr. Khamenei follows the death last week of Grand Ayatollah Ruhollah Khomeini, who led Iran through its 1979 Islamic revolution and has been succeeded by his son in the leadership role. Oil prices rose sharply on Monday as investors reacted to news of the appointment, with Brent crude oil futures jumping more than $1 per barrel to over $65 per barrel. The price increase is partly due to concerns that a hard-line government in Iran could lead to increased tensions between Iran and its western neighbors, potentially disrupting global energy supplies.
Source: Associated Press
Author: Jon Gambrell, Jamey Keaten, Samy Magdy
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