Global oil prices have surged above $100 per barrel as the war involving Iran, Israel, and the United States spreads across the Gulf region.

Iran has reportedly appointed Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, as the country’s new Supreme Leader amid the ongoing war between Iran, Israel, and the United States.

Fresh Iranian drone and missile attacks hit Saudi Arabia, the UAE, Qatar, Bahrain and Kuwait on Sunday, damaging critical infrastructure and forcing Kuwait to cut oil production. Meanwhile, U.S.‑Israeli strikes targeted oil facilities near Tehran and Donald Trump threatened to “hit Iran very hard” as he signaled the war would only end if Iran’s military is wiped out

Missile and drone strikes are now hitting U.S. allies and civilian areas across the Middle East as the conflict between the United States, Israel, and Iran spreads beyond its initial targets.