Iran launched more attacks on Israel and Gulf countries Monday, hours after Iranian state TV said Mojtaba Khamenei, son of the country’s late supreme leader and long considered a contender, had been named his successor.
Iran’s powerful paramilitary Revolutionary Guard answers to the supreme leader and the younger Khamenei will have a central say in the war strategy.
Recommended Videos
Oil prices skyrocketed Monday, leading to more worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy. Tokyo’s benchmark Nikkei 225 index plunged as much as 7% in early Monday trading, while other Asian markets also tumbled.
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.
Here is the latest:
Bahrain’s state oil company declares force majeure on shipments
Bahrain’s state oil company declared force majeure on Monday for its shipments after an Iranian attack set its refinery ablaze.
The state-run Bahrain News Agency carried the announcement of the force majeure, a legal maneuver that releases a company of its contractual obligations because of extraordinary circumstances.
It said the company’s operations “have been affected by the ongoing regional conflict in the Middle East and the recent attack on its refinery complex.”
It insisted local demand could be met.
UAE says air defenses working to intercept drones and missiles from Iran
The United Arab Emirates said Monday its air defenses were working to intercept drones and missiles coming from Iran, the second time in the day it faced an attack.
Iranian attack sparks fire at Bahrain’s sole oil refinery
An Iranian attack Monday on Bahrain sparked a fire apparently at the island kingdom’s sole oil refinery, sending thick plumes of smoke into the air.
Online video purportedly shows the fire at the Sitra refinery.
The state-run Bahrain News Agency later published a report saying “a fire broke out due to the Iranian aggression targeting a facility in Maameer, with material damage but no loss of life.”
Maameer is a Bahraini village adjacent to the refinery.
Bahrain’s government did not immediately identify the refinery itself as being hit, though it has been a target of repeated Iranian attacks since the war began.
Israeli military claims strikes on Isfahan
The Israeli military claimed strikes Monday on targets in Iran’s city of Isfahan targeting security forces there.
The Israelis described hitting command centers for Iran’s paramilitary Revolutionary Guard and its all-volunteer Basij force there.
The military also said it hit a rocket engine production facility and missile launch sites.
Iran did not immediately acknowledge the strikes. Iran has not provided any details on its materiel losses since the war started Feb. 28.
China envoy urges end to fighting
A Chinese envoy to the Middle East has called on all sides to stop their military actions and said attacks on non-military targets and civilians should be condemned.
Special Envoy Zhai Jun, meeting in Saudi Arabia with Foreign Minister Prince Faisal bin Farhan, said Sunday that the sovereignty, security and territorial integrity of all Gulf countries must not be violated, a Chinese Foreign Ministry statement said.
China is a major importer of oil and natural gas from the region.
Zhai also met Jassim Mohammed al-Budaiwi, the secretary-general of the Gulf Cooperation Council, the Foreign Ministry said.
South Korea’s president urges officials to diversify oil trade routes
South Korean President Lee Jae Myung on Monday warned that a steep rise in fuel prices could rattle the country’s economy and called on officials to accelerate efforts to diversify fuel routes away from the Strait of Hormuz.
Lee spoke at a Cabinet meeting after the country’s stock market opened with an 8% plunge, as concerns grew about how the spiraling war in the Middle East could affect an economy heavily dependent on trade and imported fuel.
Lee called on officials to aggressively use a 100 trillion won ($67 billion) market stabilization fund activated last week to reduce volatility in stock markets and strengthen monitoring of disruptive market activities, such as fuel price collusion or hoarding.
Foreign Minister Cho Hyun said Seoul was also negotiating with Gulf states to find alternative trade routes to reduce reliance on the Strait of Hormuz, including the possible use of alternative ports in the UAE.