This special Financial Times news briefing covers the unprecedented U.S.-Israeli military campaign against Iran that began over the weekend. Host Victoria Craig speaks with Andrew England (FT Middle East Editor), Abigail Hausloener (U.S. Foreign Affairs Correspondent), Malcolm Moore (Energy Editor), and Tehran correspondent Najmeh Bazorgmir.

The discussion examines the killing of Supreme Leader Ayatollah Ali Khamenei, President Trump's regime change objectives, regional implications, and global economic consequences. Key focus areas include the uncertain transition plans, historical parallels to Libya, and the critical disruption to oil supplies through the Strait of Hormuz affecting nearly 20% of global daily oil transit.

Supreme Leader Killed as Regime Change Campaign Intensifies

U.S. and Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in weekend airstrikes, representing the most aggressive attempt to overthrow Iran's Islamic regime since 1979.

Tehran residents face 'a wave of fear, anxiety, and profound uncertainty' with highways out of the city filled with fleeing traffic - Najmeh Bazorgmir

Schools and universities shut down across Tehran, with only health centers, grocery stores, and banks remaining operational.

Trump's Regime Change Strategy Lacks Clear Transition Plan

President Trump declared the military campaign 'ongoing' and called on 'Iranian patriots who yearn for freedom to seize this moment, to be brave, be bold, be heroic, and take back your country.'

'There's no organized structured opposition inside Tehran. There's no organized structured opposition outside Tehran' - Andrew England

Trump surrogates confirm no intention to deploy U.S. ground troops, making orderly regime transition 'really, really challenging' according to critics.

Iran's Revolutionary Guards maintain approximately 180,000 ideologically loyal troops, keeping the regime 'weakened, it's wounded, it's at its most vulnerable' but still resilient - Andrew England

Libya Offers Cautionary Parallel for Post-Conflict Outcomes

Libya represents the closest historical parallel, where U.S. airstrikes helped overthrow Muammar Gaddafi without ground forces deployment.

'The US there didn't do any follow-through. There was no real follow-through on the ground to ensure that Libya had some sort of heavy assistance trying to transition from that anarchy into some sort of democracy' - Abigail Hausloener

Libya's failed transition demonstrates how regime collapse without stabilization plans leads to terrorist groups, economic upheaval, and prolonged civilian suffering.

Oil Markets Face Massive Disruption Through Hormuz Strait

Nearly 20% of the world's daily oil supplies pass through the Strait of Hormuz, where transit has 'ground to a near standstill' over recent days.

OPEC Plus pledged to boost March production by more than 200,000 barrels daily, exceeding expected increases of 137,000-140,000 barrels to signal market readiness.

Insurance companies are repricing or withdrawing coverage for ships transiting the strait, with two vessels already hit on Sunday.

Oil prices could exceed $100 per barrel if escalation continues, potentially pushing U.S. inflation from 2.4% to above 4% according to analysts.