Tehran, Iran. Iran’s hardliners rallied on Monday to declare loyalty to new Supreme Leader Mojtaba Khamenei, as fears of prolonged disruption to global energy supplies drove oil prices up and pushed stock markets lower.
Rallies shown in several cities
Iranian state media showed large crowds in several cities supporting the new leader, waving Iranian flags and holding portraits of his father, Ali Khamenei, who was killed by an Israeli strike on the first day of the war.
In Isfahan, state TV reported the sound of nearby explosions from apparent airstrikes as loyalists gathered in Imam Square, chanting “God is the Greatest” below a stage displaying portraits of Ali and Mojtaba Khamenei.
In Tehran, a eulogist was heard singing: “Either death or Khamenei, our blood leads to paradise.”
Market reaction to energy supply fears
The prospect that one of the most severe disruptions to global energy supplies could last longer than previously expected sent oil prices surging in record leaps and stock markets into a nosedive.
U.S. reaction and Iranian pledges of loyalty
Mojtaba Khamenei, 56, is described as a Shi’ite cleric with a power base among the security forces and their business empire. U.S. President Donald Trump has declared him unacceptable and has demanded Iran’s unconditional surrender.
“I think they made a big mistake,” Trump told NBC News when asked about Khamenei’s elevation.
Politicians and institutions issued pledges of loyalty to the new supreme leader. Iranian state media reported that his wife, son and mother also died at the start of the U.S.-Israeli air onslaught.
“We will obey the commander-in-chief until the last drop of our blood,” a defence council statement said.
What do you expect the market impact to be if the conflict continues to disrupt global energy supplies?
