HK Movers | Oil Stocks Jump as Iran Names Khamenei's Hardline Son Mojtaba as New Supreme Leader

Oil stocks jumped in Hong Kong. Shandong Molong rose 57%; Petro-king rose 46%; Sinopec SSC rose 21%; CNOOC rose 6%; PetroChina rose 5%; China Oilfield rose 4%.

Iran on Monday named Mojtaba Khamenei to succeed his father ​Ali Khamenei as supreme leader, signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.

Mojtaba, a cleric with influence inside Iran's security forces and vast business networks ‌under his father, had been viewed as a frontrunner in the lead-up to Sunday's vote by the Assembly of Experts, a body of 88 clerics tasked with choosing Ali Khamenei's successor.

The position gives Mojtaba the final say in all matters ​of state in the Islamic Republic.

The White House did not immediately respond to a request for comment on the announcement of Iran's new supreme leader.

Mojtaba’s appointment will likely draw the ire of U.S. President Donald Trump, who said on Sunday ​that Washington should have a say in the selection. "If he doesn't get approval from us, he's not going to last long," he told ABC News. Israel, ahead of the announcement, threatened ⁠to target whoever was chosen.