Axios

In the first week of the American and Israeli attack on Iran, the economic ripples were looking pretty minimal. But as Week 2 begins, the risks to the global economy are growing much more serious.

The big picture: You can't decapitate the leadership of a country of 90 million people, with expansive military and intelligence capabilities, in the heart of some of the world's most economically important supply chains, without a huge cost.

Oil prices on Sunday crossed into triple digits for the first time since 2022 — a stark sign of how the Iran war is throttling global supplies and raising consumers' costs.

Why it matters: The psychologically important $100-a-barrel mark is going to increase pain for consumers, many of whom don't support the war and didn't have any real warning that it was coming.

Mojtaba Khamenei will succeed his father, Ali Khameni, as Iran's next supreme leader, Iranian state media reported Sunday.

Why it matters: The move consolidates hardline control even as U.S. and Israeli strikes pound the country.