Iran launches airstrikes on Israel

Iran fired over 300 drones and missiles on Israel on Saturday, in a retaliatory move that was largely anticipated by the global oil market participants.

PHOTO: Flags of Iran and Israel. Getty Images

In a clear escalation of the Middle Eastern conflict, Iran and its proxies launched more than 300 drones and missiles on Israel, Reuters reported. Iran called this attack a retaliation for an airstrike on its consulate office in Damascus, Syria last week.

This news has triggered fresh concerns about a potential supply shortage in the global oil market, as analysts anticipate that Israel could retaliate against Iran swiftly.

Brent's price is expected to continue its upward trend amid growing tensions in the Middle East, according to analysts.

“Israel’s strike on Iran’s embassy in Syria and Iran’s retaliation have raised tensions in the Middle East,” said ANZ Bank’s senior commodity strategist Daniel Hynes. “We had a build-up in the oil price before the weekend and so a geopolitical price premium was already built in prior to this event,” he added.

The attack, originating largely from within Iran, caused minimal damage in Israel after a successful interception of most missiles by Israel’s Iron Dome air defense system with support from the US, the UK, and Jordan, Reuters reported.

Major world leaders have condemned Iran’s actions, with US President Joe Biden advising Israel against engaging in any retaliatory actions toward Iran.

By Aparupa Mazumder 

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