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Global energy markets are reeling as oil prices surge above $100 per barrel, with volatility intensified by reports of strikes on Iranian oil infrastructure and a dramatic leadership change in Tehran. The Assembly of Experts confirmed Mojtaba Khamenei as Iran's new supreme leader, following his father's death, as the region faces mounting instability and rising costs.

In the Gulf, a drone attack ignited a fire at the UAE's largest oil refinery, further fueling market anxieties, while ongoing security concerns around the Strait of Hormuz have prompted international responses and contributed to spikes in oil and gas prices. These developments are impacting consumers worldwide, with airlines raising fares and UK energy bills drawing scrutiny from experts concerned about the crisis's ripple effects.

Developing: Details remain unclear regarding the extent of damage from the recent strikes on Iranian oil sites.