Iran Announces Death of Khamenei, Air Strikes Continue, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. Iranian state media confirming that Supreme Leader Ayatollah Ali Khamenei was killed in Israeli and U.S. airstrikes hours after President Trump announced on social media that Khamenei was dead. Israel also says key military commanders were also killed, including Islamic Revolutionary Guard Corps Commander Mohammad Pakpour. Former National Security Advisor and Ambassador to the United Nations John Bolton joined Bloomberg this weekend and gave his thoughts on what Iran's new government may look like.
I think the most likely near-term outcome of the fall of the Ayatollahs and the Revolutionary Guard will be a military government, a secular military government, not the Revolutionary Guard, but the conventional military that will hopefully then allow the Iranian people to have some kind of constitutional process to decide on what they want their new government to look like.
That's former National Security Advisor and Ambassador to the United Nations John Bolton earlier on Bloomberg this weekend. President Trump also saying on Truth Social that quote heavy and pinpoint bombing however will continue uninterrupted throughout the week or as long as necessary. Iranian media has reported that 201 people have been killed, with close to 750 wounded. Meanwhile, Iran retaliating throughout the day, firing ballistic missiles across the Mideast at U.S. targets in Saudi Arabia, United Arab Emirates, Qatar and Kuwait, while also firing a barrage of drones and missiles at Israel. There has been mixed reaction across the globe with Canada and Australia expressing support for the attack, while Russia called the strikes unprovoked aggression, with China saying it's highly concerned while calling for a stop to the assault.
UK Prime Minister Keir Starmer wants to see the violence end.
It is vital that we prevent further escalation and return to a diplomatic process. We want to see peace and security and the protection of civilian life. Iran can end this now. They should refrain from further strikes, give up their weapons programs, and cease the appalling violence and repression against the Iranian people.
That's British Prime Minister Keir Starmer. Ships have been avoiding the Strait of Hormuz since the beginning of the attacks. We get more details from Bloomberg's Ed Kaleighi.
Oil shipping has largely paused in the Strait of Hormuz that links the oil-rich Persian Gulf to the open seas after the U.S. and Israel bombed Iran, with Iranian media saying the waterway is practically closed. Ships reported hearing a radio broadcast purporting to come from the Iranian Navy announcing that transit through the waterway was banned. Several tankers that had been heading toward Hormuz have turned around. A large number had already paused to wait near the entrance to the waterway after the bombing started.
What happened to Iranian Supreme Leader Khamenei?
The disruption is impacting everything from crude oil tankers to container ships that carry furniture. Ed Kolegi, Bloomberg Radio.
Meanwhile, OPEC Plus members are set to meet Sunday to discuss the option of a larger oil supply increase. They had agreed to keep supply steady through March after a short supply freeze, but the attacks on Iran can now escalate production increases. Chief Emerging Markets Economist for Bloomberg Zia Daoud joined Bloomberg's this weekend and discussed possible impacts to the oil market.
So I think on the psychology, I think markets are sort of getting used to the geopolitical escalation in the Middle East. The key question here is whether we're going to get physical disruption. And this is another test. It's probably the most serious test in the last two and a half years.
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