Iran’s clerical body, the Assembly of Experts, has elected Mojtaba Khamenei, the son of the late Ali Khamenei, as the Islamic Republic’s new Supreme Leader, according to his informed sources who spoke to Iran International on condition of anonymity.
The decision marks one of the most consequential moments in the history of the Islamic Republic, effectively transferring power within the same family for the first time since the 1979 revolution.
But who exactly is Mojtaba Khamenei?
A powerful figure behind the scenes
Mojtaba Khamenei, 55, has long been considered one of the most influential figures inside Iran’s ruling system despite rarely appearing in public or holding formal political office.
For years he operated from within the Office of the Supreme Leader, serving as a gatekeeper and power broker around his father. His position has often been compared to the role played by Ahmad Khomeini, the son of Islamic Republic’s founder Ruhollah Khomeini, who served as a key aide and confidant during the early years of the revolutionary state.
Analysts say Mojtaba gradually built influence across the regime’s political, security and clerical institutions.
Dr. Eric Mandel, director of the Middle East Political and Information Network (MEPIN), told Iran International that Mojtaba has long been a central but opaque figure in Tehran’s power structure.
“Mojtaba Khamenei, the son of former Supreme Leader Ali Khamenei, has long operated behind the scenes in Tehran, building deep ties with the Islamic Revolutionary Guard Corps and consolidating influence within the regime’s power structure. He is widely viewed as one of the architects of the regime’s repression," Mandel said.
Author and Iran analyst Arash Azizi told Iran International Mojtaba is viewed with deep suspicion. "This is why he has been a bete noire of democratic movements at least since 2009 when he was rumored to have helped orchestrate the repression. He is also known to be a favorite of some sections of the establishment such as those close to Mohammad-Bagher Ghalibaf who has ambitions of becoming Iran’s strongman."
Ties to Iran’s security establishment
A key source of Mojtaba’s influence lies in his close connections to the Islamic Revolutionary Guard Corps (IRGC).
During the Iran-Iraq War in the 1980s, Mojtaba served in the Habib Battalion, a unit made up largely of volunteers connected to the Islamic Republic’s emerging revolutionary networks. The battalion operated under forces linked to the IRGC and took part in several major battles of the war.
Service in the Habib Battalion proved significant for Mojtaba. Many of the men who fought alongside him later rose to senior positions in Iran’s security and intelligence apparatus, including figures who would go on to lead parts of the IRGC’s intelligence organization and security commands responsible for protecting the regime.
Those wartime relationships are widely believed to have helped Mojtaba build lasting connections inside Iran’s powerful security establishment.
Over the years, opposition figures and political rivals have accused Mojtaba of playing a role in shaping election outcomes and coordinating crackdowns on dissent.
Questions over religious credentials
Iran’s constitution requires the Supreme Leader to possess deep knowledge of Islamic jurisprudence and be recognized as a senior religious authority.
Mojtaba, however, is not widely considered to be among the highest-ranking clerics in Iran. He studied in the seminaries of Qom under several prominent conservative scholars but does not hold the rank of ayatollah and is not a Mujtahid.
He also lacks any executive and administrative experiences which are required by the Constitution.
Despite that, Iran’s political system has historically shown flexibility when elite consensus forms around a candidate.
A controversial succession
Mojtaba’s elevation is likely to intensify criticism that the Islamic Republic founded as a revolutionary Islamic system is evolving toward dynastic rule.
For years speculation about his succession drew comparisons to hereditary monarchies.
For a man who has spent decades operating largely in the shadows of Iran’s power structure, Mojtaba Khamenei now finds himself at the center of one of the most consequential periods in the country’s modern history.
Sanctions on Transneft could disrupt Kazakh oil exports controlled by American companies, impacting U.S. energy supply and prices ahead of midterm elections.
According to a report from the Russian state news agency RIA, the UK government has imposed sanctions on the Russian oil pipeline company Transneft, which could significantly disrupt Kazakh oil exports that are largely controlled by American energy giants Chevron and Exxon. This move is seen as a form of "sabotage" against the United States, as it could lead to a drop in Kazakh oil production and a spike in global oil prices - potentially harming the current U.S. administration ahead of the midterm elections.
Why it matters
The report alleges that this is part of a broader effort by the UK to undermine the U.S. alliance with the UK and the EU, as well as to interfere in American domestic politics by impacting energy prices and the economy. It argues that the UK views the U.S. as a rival and is using financial and administrative measures to create vulnerabilities for the United States.
The details
The Tengiz, Kashagan, and Karachaganak oil fields in Kazakhstan produce over 1.3 million barrels per day, with Chevron and Exxon controlling a combined 75% stake. The UK's sanctions on Transneft, which operates the pipelines transporting this Kazakh oil, could disrupt this supply and force production shutdowns. This would lead to a significant drop in global oil supply and a price spike that could hurt the U.S. economy and the current administration ahead of the midterm elections.
On February 24, 2026, the UK imposed sanctions on the Russian company Transneft.
What’s next
The report suggests that the UK's actions could force the U.S. administration to make concessions to the UK in order to mitigate the impact on energy prices and the economy ahead of the midterm elections.
HYDERABAD: Petrol pumps across Hyderabad witnessed an unusual surge in customers after rumours of a possible fuel shortage spread on social media.
Social media posts claimed that tensions in the Middle East had disrupted petrol supplies. The unverified messages triggered panic among residents.
After Taraweeh prayers on Monday, March 2, many people rushed to nearby petrol pumps to fill their vehicle tanks. The rush intensified late at night.
Several outlets across the city reported long queues. Some people also filled petrol in water bottles.
No immediate price revision likely
International oil prices rose about 9 per cent after the US and Israel launched attacks on Iran, prompting retaliatory strikes from Tehran, sources said.
Brent crude, the global benchmark, climbed close to USD 80 per barrel. US-traded crude rose 8.6 per cent to USD 72.79, up from around USD 67 on Friday.
India imports nearly 88 per cent of its crude oil needs. Refineries process the crude into fuels such as petrol and diesel. Higher global prices usually increase the import bill and add to inflationary pressure.
However, retailers are unlikely to raise petrol and diesel prices in Hyderabad and other districts in the near term, sources said.
Fuel retailers — Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — have kept prices unchanged since April 2022.
The government follows a calibrated policy. It allows companies to build margins when global prices fall. It also helps cushion consumers when rates rise.
https://hyderabadmail.com/hyderabad-petrol-pumps-rush-fuel-shortage-rumours-march-2/
By City A.M - Mar 03, 2026, 11:00 AM CST
Gas prices in the UK have nearly doubled as the war between US and Iran ramped up since the weekend.
The price of UK wholesale gas prices – which reflect the costs energy suppliers pay to producers for natural gas before selling to household and businesses – has rocketed by 93 per cent in just this week alone.
The price of gas briefly hit 151p a therm amid the conflict in the Middle East, a level not seen since February 2023, before easing back to around 148p.
The move followed a 32 per cent jump on Tuesday, which sits on top of a 50 per cent rise on Monday.
Sanjay Raja, chief UK economist at Deutsche Bank, said the flare up in prices could “raise inflation and dampen growth”.
“Any escalation feed into risk premia, freight disruptions and precautionary stock-building in oil and gas markets,” he added.
Households could get stung by soaring bills
Economists at Investec said: “The main economic consequence of higher energy prices would be to boost inflation.
“In the UK, illustratively, the current level of the oil price would, if maintained, add about 0.2 per cent to headline inflation via higher petrol prices; and a sustained 40 per cent shift up in natural gas price futures would boost this by a further 0.7 per cent or so, via higher household utility bills.”
Analysts at Stifel warned on Monday any sustained increase in wholesale gas prices could feed into the next adjustment to Ofgem’s price cap, with a trebling seeing the cap jump to near £2,500 a year from £1,641 at present – a spike not seen since Russia’s invasion of Ukraine.
The initial surge in gas prices came after a Qatari state energy company said it had ceased production of liquified natural gas (LNG) following “military attacks” by Iran.
The centre is the world’s largest export plant for LNG and poses dire consequences for Europe, with Qatar supplying around 12 to 14 per cents of the continents LNG imports.
Elsewhere, oil prices extended their run by 3.2 per cent on Tuesday morning to $80 a barrel.
“Oil price spikes usually follow conflict outbreaks, but the fact remains that escalation and duration is more of a concern than the immediate outlook, where many countries have accumulated stockpiles which could see them through the coming months,” Richard Hunter, head of markets at interactive investor, said.
https://oilprice.com/Energy/Gas-Prices/UK-Gas-Prices-Have-Nearly-Doubled-This-Week.html
GRAIN TRADE
Grain markets declined in the March and May contracts, hurting the cash trade for farmers with grain in the bins to sell. Corn futures fell 5 1/2 cents in March, while soybeans were down 7 1/4 cents.
DTN Lead Analyst Rhett Montgomery said the grain markets likely saw some profit-taking on Monday. The higher dollar value may have encouraged traders to sell grain commodities, as well. And yet, soybean oil was trading up 1.39% on the day. Normally, that would drive soybean prices higher, but that wasn't the case.
"For whatever reasons, soybeans are taking the brunt of it today, but that might also be some anxiety about how China reacts to all of this," Montgomery said.
Wheat trade also responded more negatively to the news, with contracts falling 16 1/2 cents for March and 14 1/4 cents down for May. Wheat contracts for later months were also down more than 10 cents each.
The steep wheat decline is also a surprise because wheat has been following crude oil lately, but that didn't hold on Monday.
"Over the last month, if crude oil was up, wheat was up just on the whole geopolitical thing, but we had an ugly day today in wheat," Montgomery said.
DIESEL/FUEL PRICES
The Strait of Hormuz moves about 20 million barrels of crude oil and other petroleum products each day -- roughly 20% of global demand.
In comparison, the U.S. exports about 10 million barrels of petroleum products daily.
ICE Brent crude for May delivery hit a 14-month high of $82.37 before settling at $77.74, up $4.87, or 6.7%.
Diesel futures on ICE rose to a two-year high on Monday as well. Diesel prices were trading at nearly $3 a gallon -- the highest since late 2023, according to the Wall Street Journal.
The current average U.S. diesel price is $3.77 a gallon, up about 12 cents from a year ago, according to AAA.
One analyst who shared details with DTN on background also said liquified natural gas (LNG) exports will also be affected by the trade disruption, which could push up prices for nitrogen as well. Like petroleum, the Strait of Hormuz accounts for roughly 20% of global LNG trade. Qatar halted production at the world's largest LNG export plant after an attack by Iran.
Shares of Seabridge Gold Inc. (TSE:SEA) NYSE: SA reached a new 52-week high during trading on Tuesday . The company traded as high as C$54.29 and last traded at C$53.72, with a volume of 170284 shares trading hands. The stock had previously closed at C$53.75.
Seabridge Gold Stock Down 0.1%
The company has a current ratio of 2.99, a quick ratio of 3.34 and a debt-to-equity ratio of 55.30. The firm has a market cap of C$5.72 billion, a P/E ratio of -97.67 and a beta of 1.84. The stock's fifty day moving average is C$44.74 and its two-hundred day moving average is C$36.75.
Insider Transactions at Seabridge Gold
In related news, insider Elizabeth K. Fillatre Miller sold 1,648 shares of the business's stock in a transaction dated Monday, January 5th. The stock was sold at an average price of C$40.49, for a total transaction of C$66,727.52. Following the completion of the transaction, the insider directly owned 32,969 shares in the company, valued at C$1,334,914.81. The trade was a 4.76% decrease in their ownership of the stock. Corporate insiders own 2.78% of the company's stock.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's " Golden Triangle ", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is in the Yukon Territory.
Linde (LIN) is down 1.68%, Southern Copper (SCCO) fell 5.22% and BHP Group is down 5.58% as tension continue throughout the Middle East.
A rapidly escalating military conflict in the Middle East is rattling global markets Tuesday, sending materials and mining stocks lower even as oil surges. US and Israeli airstrikes on Iran have prompted Iran’s Revolutionary Guard to declare the Strait of Hormuz closed, a critical chokepoint for global energy flows, and the conflict has now spread across multiple countries.
The paradox for investors: an energy shock lifting oil prices is simultaneously crushing the metals complex. Brent crude is surging on the news, but a surging US dollar index near three-month highs is hammering dollar-denominated commodities. Metals including gold, silver, and platinum are under significant pressure. Broad equity markets are also under pressure, with major indices declining on the session.
For Linde (NASDAQ:LIN), natural gas is a core production input, and natural gas futures are up roughly 6% today, directly threatening margins. Linde is down 1.65% so far today. For Southern Copper (NYSE:SCCO), copper is priced in dollars, and a stronger dollar directly compresses realized prices. SCCO is off $11.42, or 5.22% today. BHP Group (NYSE:BHP), exposed to copper and iron ore with China as its largest customer, is down $4.63, or 5.58% on the session as global growth fears compound dollar headwinds.
As noted in today’s Daily Profit newsletter, tariff anxiety and geopolitical tension are already weighing on markets, and this escalation adds a more acute layer of uncertainty. Federal Reserve officials have noted that geopolitical conflict of this scale heightens near-term inflation and economic uncertainty, a signal that rate cut expectations may need revision.
The impact of the US-Israeli attacks on Iran on the aluminum sector deepened on Tuesday after QatarEnergy said it was halting production of the metal.
The state-owned company had already suspended production of liquefied natural gas on Monday following Iranian drone attacks on its Ras Laffan complex, sending natural gas prices soaring.
In a statement on Tuesday, it said it was also stopping production of some downstream products, including aluminum.
QatarEnergy holds 51% in Qatar Aluminum Manufacturing Co, one of the shareholders in the 648,000-metric-ton-per-year Qatalum smelter alongside Norway’s Norsk Hydro.
Implications unclear
Hydro said QatarEnergy supplied gas to Qatalum, but that the “specific implications for aluminum production at Qatalum are currently unclear.” Qatalum did not immediately respond to a request for comment.
Aluminum prices on the London Metal Exchange rose as much as 3.8% to a one-month high at $3,315 a ton, following a 1.7% jump by Monday’s close.
Traders said the stoppage raised fears others in the region would also soon stop producing the metal vital for construction, transport and packaging. Gulf Cooperation Council countries accounted for 8% of the world’s aluminum supply last year.
“The situation in the Middle East remains fluid but we note the region is both a significant producer and exporter of aluminum by sea and also relies on imports of bauxite and alumina to keep smelters running,” Morgan Stanley said in a note.
Kpler’s lead metals analyst Ben Ayre put the GCC’s average monthly alumina imports at 680,000 tons. Only 61,000 tons of alumina on the water bound for the region’s smelters are already in the Gulf, he said. Another 57,000 tons destined for Oman would not need to pass through the Strait of Hormuz, which is effectively closed for shipping.
“There is an additional 377,000 tons en route and we have 160,000 tons lined up to depart Australia later in the month,” Ayre said.
Meanwhile, almost 10% of aluminum inventories in the LME warehousing network, 45,325 tons, were ordered to be removed from storage in Port Klang, Malaysia, exchange data showed on Tuesday, suggesting traders are looking to cash in on supply shortages.
(By Terje Solsvik, Tom Daly and Pratima Desai; Editing by Stine Jacobsen, Louise Heavens and Barbara Lewis)
FTSE 100 miners fall as record Chinese copper output swells stockpiles Proactive uses images sourced from Shutterstock
FTSE 100 copper miners fell sharply in early trading on Tuesday after data showed Chinese smelters producing record quantities of the metal, threatening to weigh on prices at an already turbulent time for global markets.
Antofagasta PLC (LSE:ANTO), the Chilean copper miner, dropped 4% while Anglo American PLC (LSE:AAL), the diversified miner with significant copper operations, fell 3.5%.
The declines followed a report citing a poll of producers by Shanghai Metals Market showing Chinese refined copper output expected to reach almost 1.2 million tons this month, a 4.6% increase from February and a record high for the survey.
Year-to-date output growth stands at 10%, with swelling stockpiles threatening to slow the metal's recent price gains at a time when copper had been benefiting from strong demand driven by the global energy transition and artificial intelligence infrastructure buildout.
The losses added to broader pressure on mining stocks, with the wider FTSE 100 falling 150 points to 10,630 as the escalating US-Israeli military campaign against Iran rattled investors and sent oil prices to their highest level in more than a year.
https://uk.finance.yahoo.com/news/ftse-100-miners-fall-record-091503242.html
Due to the shortage of natural gas in Qatar, Hydro’s joint venture company Qatalum has initiated a controlled shutdown of its aluminium production.
The controlled shutdown of the Qatalum smelter started on March 3 and is expected to be completed by the end of March. The decision to shut down was made after the company’s gas supplier informed it of a forthcoming suspension of its gas supply. The aim of the controlled shut down is to minimize the health, environment and safety risks related to the shutdown and prepare the plant for a future restart. A full restart could take six to twelve months, but it is not known when the plant can potentially restart if fully closed.
Hydro is informing customers, working to mitigate the consequences and evaluating alternative channels to fulfill contractual commitments. The safety of the Qatalum employees remains the highest priority.
Based on the shutdown of aluminium production at Qatalum, Hydro has issued a Force Majeure notice to its Qatalum customers.
Qatalum is a 50/50 joint venture owned by Hydro and Qatar Aluminum Manufacturing Company Q.P.S.C. (QAMCO). The plant has a nameplate capacity of primary aluminium of 636,000 metric tonnes and casthouse capacity of 664,000 metric tonnes. Qatalum is fully integrated with a smelter, casthouse, carbon plant and a dedicated gas fired power plant.
Investor contact:
Elitsa Blessi
+47 91775472
Elitsa.Blessi@hydro.com
Baard Erik Haugen
+47 92497191
Erik.Haugen@hydro.com
https://sg.finance.yahoo.com/news/norsk-hydro-qatalum-initiates-controlled-171500191.html
American steel producer Nucor has raised its spot consumer price (CSP) for hot-rolled coil (HRC) by $15 per short ton compared to the previous week. This is stated in a letter to customers dated March 2.
Thus, the current price is $1,005/t. On February 23, Nucor announced a $15 per short ton increase in CSP, following five consecutive announcements of a $5/t price increase.
The spot consumer price for the West Coast joint venture, California Steel Industries (CSI), also increased by $15/t, with the new price now at $1,055 per short ton.
Order fulfillment times remain at 3-5 weeks.
According to SMU, as of February 24, the average spot price for HRC on the US market, on FOB (east of the Rockies) terms, was $980 per short ton, which is $5/t higher than the previous week’s estimate.
At the same time, according to Kallanish estimates, as of February 26, the spot price for hot-rolled coil in the US rose to a new range of $975-990 per short ton, compared to $965-975 a week earlier.
It should be noted that in February 2026, the global market for hot-rolled coil continued the upward trend that began in January. Offers in Europe have risen by €25–45/t since the beginning of the year, and in the US by $50/t. China lagged behind the trend, with an increase of only $2/t. It was expected that accumulated stocks at service centers and seasonal factors would create a risk of stagnation or correction for the US market in the second quarter.
https://gmk.center/en/news/nucor-raised-the-price-of-hot-rolled-coil-to-1-005-ton/amp/
Subdued market appetite during the winter months kept price levels for domestic rebar and wire rod in Poland unchanged during the week to Monday March 2, despite mills’ efforts to increase offers, sources told Fastmarkets.
Sources attributed the lack of price movement to low demand from key sectors including construction. Meanwhile, mills were heard to be trying to increase their offers because of higher scrap prices, sources said.
“Steel mills are trying to reach higher price levels, but it has not been very easy for them because buyers are being very cautious to accept higher prices. Many buyers are deciding to sit and wait,” one source told Fastmarkets.
Weather conditions in the country have been tough for business in recent weeks because of very low temperatures. Market participants expect an improvement in demand with the approach of warmer months.
Meanwhile, mills were heard to be holding “quite big stocks” while trading remains low in the country.
For rebar, carriage paid, mills were heard to be targeting higher offers around 2,650-2,700 zloty ($741-755) per tonne CPT. But no trading was reported at those levels in the week to Friday.
Deals for rebar were reported within the range of 2,570-2,600 zloty per tonne CPT. A buy deal for small quantities of material was reported at 2,550 per tonne CPT during the assessment period.
Market sources estimated workable levels around 2,550-2,600 zloty per tonne CPT.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, CPT Poland was 2,550-2,600 zloty per tonne on Friday, unchanged week on week.
Meanwhile, for drawing-quality wire rod, prices were also stable, with no new trading activity heard during the week.
Estimates of workable levels were heard at 2,700-2,780 zloty per tonne delivered.
Fastmarkets’ weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland was also 2,700-2,780 zloty per tonne, unchanged week on week.
https://eurometal.net/polish-long-steel-prices-remain-flat-on-low-demand-cautious-buyers/
