Hormuz at Risk as Leadership Shift Follows Khamenei’s Death

Oil transit through the Strait of Hormuz is under “extreme risk” after Iran warned it may target vessels crossing the waterway, sending gold prices above $5,200 and shaking global markets. The conflict has entered its fifth day, with US Central Command confirming American casualties during ongoing operations. France has deployed Rafale jets to secure its regional bases, Qatar has halted LNG production, and drone strikes have been reported on fuel facilities at Oman’s Duqm port.

After Ayatollah Ali Khamenei’s confirmed death, Iran moved swiftly to manage the transition, with President Masoud Pezeshkian enforcing Article 111 and setting up a three-member interim Leadership Council. As Tehran reorganised politically, Israeli and American forces widened “Operation Epic Fury,” hitting more than 1,250 targets nationwide, from ballistic missile centres to naval installations. Government zones in Tehran were rocked by explosions, and Iranian state media reported 165 fatalities in Minab, while officials pledged a sweeping “scorched earth” retaliation.