- Former President Donald Trump claims Iran's top leaders, including the Supreme Leader, have been killed in U.S.-Israeli strikes.
- Global oil markets spike on supply disruption fears, with the Strait of Hormuz facing heightened risk.
- Escalation raises questions about Iran's succession and regional stability, with diplomatic efforts underway.
Leadership Decapitation Claims
In a dramatic development, former President Donald Trump asserted that Iran's senior leadership, including the Supreme Leader, has been eliminated in coordinated U.S.-Israeli strikes. According to people familiar with the matter, the operation targeted key security and political figures, aiming to cripple Iran's command structure. "The leaders have been killed," Trump said in a statement, though he did not provide specific names or evidence. Efforts to reach Iranian officials for comment were unsuccessful.
Market Turmoil
The news sent shockwaves through global markets, with crude oil prices surging over 5% on Monday as traders priced in potential disruptions to shipments through the Strait of Hormuz. The benchmark Brent crude briefly touched $85 a barrel before settling near $83. "Without a diplomatic resolution, we could see sustained volatility," said an analyst at a major investment bank. Shipping insurers have raised premiums for vessels transiting the region.
Regional Fallout
The strikes mark a sharp escalation in the long-running shadow war between Iran and the U.S.-Israel axis. Iran's allies, including Hezbollah and Houthi rebels, have condemned the attacks, raising fears of retaliatory actions. Meanwhile, diplomatic backchannels are active, with European and Gulf states urging restraint. "This is a very dangerous moment," a senior European diplomat said, speaking anonymously. The situation remains fluid, with reports of emergency meetings in Tehran.
Correction: An earlier version of this article misstated the timing of market reactions. The oil price spike occurred Monday morning, not Sunday.