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Hello and welcome to NewsHour. It's coming to you live from the BBC World Service Studios in central London.

I'm Tim Franks. We're beginning with a war whose effects it feels are causing ever-large ructions around the world.

One major development we'll be looking at in much more depth than 30 minutes,

and that is the naming of a new supreme leader in Iran, the son of the last supreme leader.

Who is he, though?

And what does his appointment mean for the way in which the Iranians fight and the way in which the country is run?

In terms of those effects beyond Iran's borders, though, well, today one of the biggest has been on global markets,

with the price of oil hitting $100 a barrel for the first time in years, and stock markets juddering downwards.

Here's a sense of how that news is being reported around the world.

The war with Iran is taking a toll on the U.S. economy.

The price of crude oil shot to its highest level since 2023 this week.

The Iran war sparks a record oil price spike, a barrel of crude oil, now more than $100.

Tonight, oil fields on fire from Iraq to Tehran, fueling growing concerns over the rising price of oil.

And those growing concerns is what's led the finance ministers from the G7 group of leading industrialised countries to hold an emergency meeting today,

along with the boss of the International Energy Agency. We're going to have more on that in just a moment.

But first, let's get the latest on the markets with Rachel Morrison from Bloomberg.

First, in terms of oil and gas prices.

So this morning, we saw a really big increase in both oil and gas. So as you

mentioned, oil is now firmly above $100 a barrel and European gas prices surged 30% this morning.

That's tempered a little bit, but they're still up more than 10% since the close on Friday. So really a very strong

morning on the markets for both of those commodities. And the last time oil hit $100 a barrel,

...