Trump Says Khamenei is Dead, Ships Avoid Hormuz, More
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. President Trump says Iran's supreme leader was killed in U.S.-Israeli airstrikes, raising the stakes in a conflict that's spiraling across the oil-rich Middle East and disrupting traffic around the Hormuz shipping strait. Trump said in a social post that Ayatollah Ali Khamenei, one of the most evil people in history, is dead, adding that the heavy and pinpoint bombing, however, will continue uninterrupted throughout the week or as long as necessary. Killing the ruler who dominated the Islamic Republic for more than three decades took the U.S.-Israeli campaign to quash Iran's regional power to a new level, even as Iran retaliated with strikes on U.S.
allies in the oil-rich Middle East and threatened tanker traffic through the Hormuz shipping strait. Iran's semi-official forest news agency said Trump's claim was denied by sources close to the Supreme Leader's office. 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. There's been no formal announcement from Tehran about the status of the strait, which is crucial for the flow of oil and gas. But several tankers that had been heading toward Hormuz turned around in recent hours.
A large number had already paused to wait near the entrance to the waterway after the bombing started. The disruption is impacting everything from crude oil tankers to container ships that carry furniture. OPEC will consider a larger supply increase when key members meet Sunday following U.S. and Israeli airstrikes on targets in Iran. Bloomberg's Monica Ricks reports.
The group led by Saudi Arabia and Russia was expected to resume modest production increases from April after a three-month supply freeze. They'd added monthly increments of 137,000 barrels a day in the fourth quarter. but these attacks could now escalate production increases. Physical disruptions are also a big concern, but for now, the Strait of Hormuz remains open. That's a critical shipping lane for much of the world's crude supply. Oil prices climbed with Brent crude as high as $73 a barrel Friday, but oil markets could be shaken up a bit come Monday. Monica Ricks, Bloomberg Radio.
The timing of the U.S. and Israeli strikes in Iran comes at a holy time for the religious community throughout the Middle East. We get more on that from Bloomberg's Dan Williams.
For many Muslims, this attack will be seen as a huge affront, not just because of the targets and the potential killing of the very top of the top of the Iranian echelon, also because it took place during the holy month of Ramadan, which is being marked with fasting and prayer by Muslims across the region. For Jews, today's the Jewish Sabbath, and it's three days away from the festival of Purim, which historically has marked major turnarounds for the Jewish people.
What did President Trump say about Khamenei's death?
Bloomberg's Dan Williams. There have been some questions about the president's authority to attack Iran without congressional approval. Former National Security Advisor and Ambassador to the United Nations John Bolton talked about it on Bloomberg this weekend.
This is manifestly within the president's constitutional commander-in-chief authority to The gang of eight were briefed on this on Tuesday. And if Congress doesn't like it, Congress can cut off appropriation. That's where congressional power comes in.
John Bolton on Bloomberg this weekend. You can hear more of the show tomorrow at 7 a.m.
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