World

Oil prices spike amid U.S. and Israeli strikes on Iran

Oil prices surged following U.S. and Israeli strikes on Iran, with Brent crude rising as much as 13% and U.S. crude increasing over 10% as markets opened on Sunday. This escalation has raised concerns about supply disruptions from the Strait of Hormuz, a critical passage for over 20% of the world's oil, potentially leading to retail gasoline prices increasing by nearly 10 cents per gallon in the coming days. The conflict has already contributed to a 20% rise in oil prices this year, reflecting the growing economic risks associated with the ongoing tensions.

EU calls for regime change in Iran after Khamenei's death

Following the death of Iran's supreme leader, Ayatollah Ali Khamenei, European Commission President Ursula von der Leyen called for regime change in Iran, marking a significant shift in the EU's stance. She emphasized the urgent need for a credible transition to address escalating tensions and reflect the democratic aspirations of the Iranian people. Meanwhile, Cyprus President Nikos Christodoulides reported a drone strike on a UK military base, causing minor damage, and confirmed that Cyprus would not participate in any military operations.