Oil Prices Soar after Iran Names Mojtaba Khamenei its New Supreme Leader

Iran named Ayatollah Mojtaba Khamenei to succeed his late father as supreme leader on Monday. Khamenei, who is seen as even more hard-line than his father, will now be in charge of Iran’s armed forces and any decision about Tehran’s nuclear program. The appointment marks a new sign of defiance by Iran’s embattled leadership after more than a week of heavy U.S. and Israeli bombardment.

Oil prices surged 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 percent in early Monday trading, while other Asian markets also tumbled.

The U.S. military announced a seventh American service member has died of injuries sustained during an Iranian attack on troops stationed in Saudi Arabia. The first six deaths were Army reservists killed in a March 1 attack in a Kuwaiti port.

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