I’m ABC global affairs editor Laura Tingle, and I’m in Dubai as the war in the Middle East continues into its second week.

I’m giving you daily updates to help you quickly understand what’s going on.

Iran war live updates: For the latest news on the Middle East crisis read our blog.

Here’s what you need to know today:The big picture: The election of a new hardline Supreme Leader in Iran has confirmed that Iran will not be the quick success for Donald Trump that Venezuela proved to be. But Iran too appears to have miscalculated: its attacks on Gulf states have not pressured US President Donald Trump to withdraw, but threaten instead to bring them into the war against Iran.The economic fallout: The shockwaves from the impact of global access to oil and gas have continued to spread with the price of oil shooting above $US100 — a four-year high and one of the sharpest one-day rises in history — after at one point being as much as 25 to 30 per cent higher, with grave ramifications for the global economy.On the ground: Iranian strikes on neighbouring countries continued on Monday — in the UAE, Qatar and Bahrain. Iran has been particularly threatening energy infrastructure, including the massive Shaybah oil field and recovery plant in Saudi Arabia.Israel has also continued its assault in Lebanon, where the cumulative death toll hit 486 with a further 1,313 wounded.Australia finds itself directly involved in the conflict because five members of the visiting Iranian national women’s soccer team have sought asylum. Mr Trump says they’ve been “taken care of” after speaking with Anthony Albanese.What’s the fallout?

The economic aspect of this war — Iran’s attempt to maximise the global pain being felt from the conflict to counter its much weaker military position — provides a window into what the broader strategic plays may be here.

Some analysts see Donald Trump’s decision to join Israel’s attack on Iran as being highly motivated by the prospect of gaining control over Iran’s oil supplies, just as his incursion into Venezuela was driven heavily by wanting control over that country’s oil.

The ultimate game, they say, is to regain some strategic superiority over China, which remains heavily dependent on oil from the Gulf.

Certainly, that is the way Iran sees it, with its foreign ministry spokesman Esmaeil Baghaei saying the attacks are aimed “at partitioning our country to take illegal possession of our oil riches”.

Linked to this, among Western analysts, is a suspicion that when Mr Trump floats the idea that there may be a limited use of US “boots on the ground” in Iran, he is not talking about a general invasion but that his administration is considering seizing Kharg Island, a massive terminal that processes about 90 per cent of Iran’s crude oil exports.

If you want more today, listen to this …Mr Trump wanted to personally choose who Iran’s next leader would be. Instead, Iran’s top clerics chose Mojtaba Khamenei. ABC News Daily looks at what this appointment means for the war, and the people of Iran.Read more about the Iran war:And here’s how to stay up to date:

You can keep track of the latest updates from Iran and around the world throughout the day via our live blog.

Thanks for joining me. I’ll see you at the same time tomorrow.

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