War in Middle East live: Asian stocks tumble, oil prices soar as war threatens shipping

Oil prices eclipsed $115 per barrel on Monday as the Iran war intensified, threatening production and shipping in the Middle East. The price for a barrel of Brent crude, the international standard, surged to $115.31, up 24% from its Friday closing price of $92.69. On Sunday, Iran’s Assembly of Experts on Sunday named Mojtaba Khamenei to replace his late father, Ayatollah Ali Khamenei, as the country’s new supreme leader. Follow our liveblog for the latest updates.[/gpt3]