Oil & Gas

Iran has launched more than 100 ballistic missiles into Israel following a warning from the United States that an attack was imminent. Israel was able to relocate key government figures and Mossad operatives to safety before the strikes occurred. An official report from Israel is expected soon, detailing the extent of any damage caused by the missiles.

Today's attack is a departure from Iran’s previous missile launches in April. This time, ballistic missiles were used, which travel much faster and were launched in greater numbers, overwhelming Israel's defense systems. While it is believed that some missiles breached Israeli defenses, no casualties have been reported yet.

The global concern, however, centers on how Israel might respond to this aggression. Analysts suggest Israel could retaliate by targeting Iran’s oil industry, which is crucial to the country's economy. A disruption of Iran's oil exports, particularly those bound for China, or interference with tanker routes, could cause significant economic strain and have global repercussions.

Oil prices, already rising due to earlier tensions, surged further following the attack. West Texas Intermediate (WTI) crude increased by 2.92%, reaching $70.16 per barrel, while Brent crude rose 2.66% to $73.61 per barrel. Following the missile strikes, both benchmarks have climbed over 5%, with Brent trading at $75.35 per barrel, reflecting growing fears of economic disruption.