US IRAN War. Ayatollah Ali Khamenei killed. His son Mojtaba Khamenei reported to be appointed as new Supreme Leader. Missiles all over the Middle East

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8 min ago

OPEC+ increases oil production as strikes continue in the Middle East​

By David Goldman

OPEC+ nations, meeting virtually Sunday, agreed to increase oil production slightly as a new wave of strikes bombard Iran and the surrounding region.

The group of leading oil-producing nations said it would raise its daily output by 206,000 barrels a day after pausing incremental production increases earlier in the year. In the fourth quarter, OPEC boosted production by 137,000 barrels per day.

The group, in a statement, did not mention the conflict, but said it will continue to assess market conditions.

Some context: The production increase may somewhat blunt the expected surge in oil prices when the futures market opens Sunday evening, but energy analysts didn’t expect the production increases to do much to keep prices in check.

“We are at a point of high uncertainty,” said Dan Pickering, founder and chief investment officer at Pickering Energy Partners. “There will likely be a lot of ups and downs in the next 72 hours.”
Iran has struck many of its neighbors, but so far it hasn’t attacked other countries’ oilfields and refineries as it has in the past. Oil will probably move higher on Sunday evening on the risk of reduced Middle East supply, Pickering said. But if that disruption actually happens, prices could easily top $80 a barrel, up from around $70 on Friday when the market closed.

Another factor: The Strait of Hormuz, the narrow passageway through which 20% of the world’s oil flows. Iran controls the northern coast of the strait, and shipping through the pinch point has been effectively reduced to a trickle. It’s not clear how long traffic will be disrupted. But that might not matter.


“Oil doesn’t need to be physically halted for prices to move sharply,” noted Nigel Green, founder and chief executive of deVere Group. “Insurance costs, shipping reroutes and precautionary stockpiling alone can tighten supply expectations.”

Analysts don’t expect OPEC to increase production much more, even if prices surge: The oil-producing countries don’t have much spare capacity left after raising output throughout 2025.

 

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Tourists recount horror after strike on Dubai luxury hotel​

From CNN’s Abbas Al Lawati

Firemen and rescue workers inspect the site of an explosion at the Fairmont The Palm Hotel in Dubai, United Arab Emirates. (AP Photo/Altaf Qadri)
Altaf Qadri/AP
One of the most striking images from the barrage was the sunset drone strike on the Fairmont hotel on Palm Jumeirah, the man-made island that is home to five-star hotels and some of the city’s wealthiest residents.

By evening, police had sealed off the area as crews swept shattered glass from the street. Part of the building’s facade was blackened and visibly damaged.

Derek Thompson, a Scottish tourist staying at the hotel, said he and his family were eating dinner around 6:30 p.m. Saturday when they heard what he described as an enormous explosion.

“It was an absolutely crazy explosion, and we just ran for cover,” he said. “We thought another one was coming, so we went to the beach to get away from the buildings, which we thought could collapse.”

After returning to their room and smelling smoke, the family packed and checked out early. With the airspace closed, leaving the country was no longer an option.

Palm Jumeirah, seen here in 2023, are artificial islands in Dubai.
Nicolas Economou/NurPhoto/Getty Images
Thompson said he had followed tensions in the region but never imagined Dubai would be directly hit. His wife, Victoria, a frequent visitor to the city, described the experience as terrifying and said she is now unsure when she would feel comfortable returning.

Melissa Nicol, a visitor from Spain, was about to fly out of Dubai when the airspace closed and she was turned back from the airport. She checked into the Five hotel, just steps from the Fairmont. After the Fairmont was struck, sirens sounded and guests were evacuated to the basement, where they spent the night.

Kim Kelaita contributed to this report.

 

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less than 1 min ago

One killed, 32 injured in Kuwait following Iranian strikes​

By Sophie Tanno and Mostafa Salem

One person has been killed and 32 injured in Iranian strikes on Kuwait, the country’s health ministry said Sunday.

All of the 32 injured are foreign nationals, according to Dr. Abdullah Al-Sanad, a spokesperson for the ministry. He said that those wounded sustained chest, head and abdominal injuries among others, and that 15 patients had been transferred to Jaber Al-Ahmad Hospital.

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less than 1 min ago

Iranian president says military will act "with power"​

From Tim Lister

Iranian President Masoud Pezeshkian says the country’s armed forces will continue to act “with power” to destroy enemy bases and “will frustrate the enemies as always.”

In a televised statement Sunday, Pezeshkian said Iran’s temporary Leadership Council, of which he is a member, has started its work.

 

[congo9]

Most ridiculous statements I ever heard. Father died and son follow-up to take up the throne ?
During peace time, I think it's perfectly all right. But in this times, the son want to takeover his dad ?

If I'm the son, I'm not going to be stupid to take up the Posts. I be dead in no time. It's not the American and Israel armed forces. It the people around father. Now father is dead. They will betray me and send me to meet my dad.