The World in Brief from The Economist

Brent crude, the global oil benchmark, fell below $90 a barrel after President Donald Trump signalled that the war in Iran could end soon.

Bahrain’s state oil firm declared force majeure after an Iranian strike set fire to its only oil refinery. Also, Mojtaba Khamenei was named Iran’s supreme leader, succeeding his father, Ayatollah Ali Khamenei.

Iranian state media reported that Mojtaba Khamenei had been chosen to become the country’s supreme leader.

America and Israel continued to strike Iran as attacks on infrastructure intensified across the Middle East; Iran expanded its missile and drone attacks across the region.

Writing on Truth Social, Mr Trump claimed that Iran had “surrendered to its neighbours”.

The United Arab Emirates was in a “time of war”, said the country’s president, Sheikh Mohamed bin Zayed Al Nahyan, in his first statement since the escalation of the regional conflict

The soaring oil price sent Wall Street stock indices tumbling.