Iran names Mojtaba Khamenei as supreme leader

Mojtaba Khamenei, the second son of former Supreme Leader Ali Khamenei, has been named as the Islamic Republic’s next ruler, authorities announced Monday. The announcement came as Tehran widened its attacks across the Mideast to strike oil and water facilities crucial to its desert sheikdoms.

The new leader sits atop a system badly weakened by the ongoing Iran war. The decision made by the 88-member Assembly of Experts did what many Iranians had hoped it would never do, which is, turning the Islamic Republic into a dynasty. The younger Khamenei, who had not been seen or heard from publicly since the war started, had long been considered a contender for the post. That was even before the Israeli strike killed his father, and despite never being elected or appointed to a government position.

President Donald Trump said last week that Khamenei’s appointment as his father’s successor would be “unacceptable” to him, and Israel vowed to target any successor.

Oil prices skyrocketed on 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.