Israel Plans Response to Iran Missile Attack

The recent missile attacks by Iran on Israel, involving over 180 ballistic missiles, have heightened tensions in the Middle East, prompting Israel to prepare for retaliation. While the humanitarian crisis is severe, analysts suggest that the economic impact on global oil prices has so far been minimal, despite concerns that an expanded conflict could disrupt oil trading routes in the Persian Gulf. President Biden indicated that the U.S. is discussing potential support for Israeli strikes on Iranian oil facilities, but the immediate market reaction has been subdued. Oil prices have fluctuated but remain below levels that would trigger significant economic distress, with U.S. crude trading at around $73 a barrel. Investors are closely monitoring the situation as Israel's response is expected to be more extensive than previous engagements, particularly given the significant military escalation. The outcome of this conflict could have profound implications for oil prices and global economic stability.