Top Overnight News Brent crude rose to almost $120 before paring gains as the Iran war showed no signs of abating and more major Middle East producers cut output. The Strait of Hormuz is still effectively shut. BBG Iran’s top clerics have chosen Mojtaba Khamenei, the son of the slain supreme leader, ads his father’s successor in a move that signals the Islamic republic is likely to maintain its hardline policies towards the US, Israel, and the west. FT G7 Finance ministers will discuss a possible joint release of petroleum from reserves co-ordinated by the IEA, in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the gulf. One person familiar said a joint release of ~300-400M barrels, or ~25-30% of the 1.2B barrels held in reserve, is on the table FT Trump is weighing the option of deploying special forces on the ground to seize Iran’s near bomb-grade uranium, according to diplomats. He told the Times of Israel that a decision on when to end the war will also involve Benjamin Netanyahu. BBG Israel's strikes on 30 Iranian fuel depots Saturday went far beyond what the U.S. expected when Israel notified it in advance, sparking the first significant disagreement between the allies since the war began eight days ago, according to a U.S. official, Israeli official and a source with knowledge. Axios China's consumer inflation accelerated to the highest in more than three years due to the effects of the Lunar New Year holiday, while producer deflation persisted as weak demand remained a drag on an economy facing stiff external challenges. China’s PPI for Feb came in at -0.9% (vs. the Street -1.1% and vs. -1.4% in Jan) while the CPI rose 1.3% (vs. the Street +0.9% and vs. +0.2% in Jan). RTRS Japanese workers’ wages adjusted for inflation rose for the first time in 13 months, a development that may bolster consumer sentiment and support both the Bank of Japan and the government in their pursuit of key policy goals. BBG Germany's industry got off to a surprisingly weak start in January, with orders falling more than forecast and output unexpectedly decreasing, according to statistics office data. January orders declined by 11.1% compared with the previous month on a seasonally and calendar adjusted basis, putting an end to four consecutive increases. RTRS SoftBank Group Corp.’s credit default swaps widened and its shares fell after concerns mounted over the viability of the artificial intelligence infrastructure project known as “Stargate,” in which the Japanese conglomerate is involved. BBG US FDA is planning to ease some requirements for drugmakers to develop copycat versions of expensive biologic medications: BBG