Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Trump called $100 oil a “small price to pay,” with neither side showing any sign of deescalating a war now entering its 10th day. Mojtaba Khamenei, 56, won a “decisive vote” in Iran’s Assembly of Experts, the semi-official Fars news agency reported Sunday. The Islamic Revolutionary Guard Corps, one of Iran’s most powerful and feared organizations, pledged full obedience to the new leader in a statement. Trump, meanwhile, said the US and Israeli military campaign against the Islamic Republic was worth any near-term pain because it would bring long-lasting benefits.
2) Equities tumbled as deepening turmoil in energy markets sent oil above $100 a barrel for the first time since 2022. Bond losses accelerated while the dollar hit the highes level in nearly two months. Futures for the S&P 500 fell 1.5% as the opposing sides in the US-Israeli war against Iran showed little sign of backing down after more than a week of conflict. Brent soared 15% after Middle Eastern producers cut output, stoking fears of an inflation shock that pushed the 10-year Treasury yield five basis points higher to 4.19%. Selling swept across regions and asset classes as the geopolitical flareup added fresh stress to markets that are already under pressure from AI disruptions and worries about the potential for cracks in credit markets.
3) Authorities are investigating potential terrorism links to two suspects in custody over what New York City Police Commissioner Jessica Tisch said was an improvised explosive thrown near Mayor Zohran Mamdani’s residence, people familiar with the investigation said. While Tisch did not elaborate on the investigation, people familiar with the investigation said the suspects — identified as Emir Balat and Ibrahim Kayumi by the commissioner — told detectives they believed the leader of an anti-Muslim protest near Mamdani’s residence had insulted their religion and described the devices as retaliation. Investigators also found the men had watched Islamic State propaganda videos before the protests, the people said. Authorities on Saturday arrested a total of six people connected to the broader unrest stemming from the anti-Muslim demonstration outside the residence near East End Avenue and East 87th Street starting at about 11 a.m. local time. Mamdani is the city’s first Muslim mayor.