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Iranian missile and drone attacks continue to target other nations in the region.
On Monday morning, Bahrain’s state-owned Bapco declared force majeure in response to an attack on a major refinery.
Bapco “hereby serves notice of force majeure on its group operations which have been affected by the ongoing regional conflict in the Middle East and the recent attack on its refinery complex”, a company statement said on Monday.
On Sunday, two people were killed and 12 injured when an Iranian projectile landed in a residential district in Saudi Arabia.
Drones were intercepted on their way towards Shaybah oilfield, and the United Arab Emirates, Qatar and Kuwait have also reported missile attacks.
Saudi Arabia issued an official condemnation of the strikes, and Qatar’s Prime Minister called for de-escalation.
The fresh wave of attacks followed Sunday’s announcement that Ayatollah Khamenei, who was killed during the first US-Israeli attacks a week ago, will be replaced by his son, Mojtaba.
Mojtaba Khamenei was widely reported to be the front runner among the candidates to replace the Ayatollah, who was killed during the first wave of US-Israeli airstrikes against Iran a week ago.
“By a decisive vote, the Assembly of Experts appointed Ayatollah Seyyed Mojtaba Hosseini Khamenei as the third Leader of the sacred system of the Islamic Republic of Iran,” said an official statement made by the Assembly of Experts on Sunday.
The Assembly of Experts is comprised of 88 prominent clerics.
The position of supreme leader will give Mojtaba full authority over all decisions that are made by the government.
Not long before the announcement, President Trump warned that the wrong candidate won’t “last long.”
Trump has previously signaled his disfavor of the Ayatollah’s son.
“They are wasting their time,” Trump said last week.
“Khamenei’s son is a lightweight. I have to be involved in the appointment, like with Delcy [Rodríguez] in Venezuela.”
On Sunday, President Trump said short-term spikes in the cost of oil are a “small price to pay” for peace.
In a post on Truth Social, President Trump said prices would quickly “drop rapidly” once the “destruction of the Iranian nuclear threat is over.”
Brent Crude spiked to nearly $120 a barrel, before dropping to $106.23.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” President Trump wrote.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
Shipping through the vital Strait of Hormuz—through which 20% of the world’s oil shipments pass daily—has almost stopped as a result of Operation Epic Fury, the joint US-Israeli strikes against Iran.
Last week, the national average for a gallon of regular gasoline jumped by 27 cents to an average of $3.25, according to American Automobile Association.
“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” the organization said.
The most expensive gasoline prices are in California, Washington State and Hawaii.
Energy Secretary Chris Wright told CBS that prices would come down in weeks rather than months, and said the operation against Iran would deliver an “era of even lower prices.”
