Israeli Prime Minister Benjamin Netanyahu promised retaliation against Iran for firing over 180 missiles into Israel on Tuesday. Meanwhile, Iran warned of “vast destruction” if Israel retaliates, heightening fears of a broader conflict.
What Happened: Despite the missile onslaught, no injuries were reported in Israel. However, a casualty was reported in the occupied West Bank. Iran’s foreign ministry maintained that its operation was defensive, targeting only Israeli military and security facilities.
Israel’s U.N. ambassador stated that the country will decide when and how to respond to Iran’s launch of nearly 200 ballistic missiles, emphasizing that the retaliation “will be noticed” and “painful.” He warned Iran against testing Israel’s capabilities, while stressing that Israel does not seek war but cannot ignore such attacks on its civilians, reported the Associated Press.
Iran’s armed forces stated that any direct intervention by Israel’s supporters against Tehran would trigger a ‘strong attack’ from Iran on their ‘bases and interests’ in the region, reported Reuters.
Iran’s military chief, Gen. Mohammad Bagheri, warned that Iran would strike all of Israel’s infrastructure if it takes action against Iran. He stated that the Revolutionary Guard is ready to repeat missile attacks with “multiplied intensity” and emphasized that while Iran avoided targeting civilians, it remains a feasible option, according to AP.
Why It Matters: The missile attack from Iran follows a period of escalating tensions in the Middle East. Prior to the attack, the U.S. had increased its military presence in the region due to the rising tensions.
The U.S. had also warned that an attack in the region was imminent. The attack has had a significant impact on global markets, with investors reacting to the potential implications of the escalating conflict.
Gold and oil prices surged following the attack, with the United States Oil Fund up 3% and the SPDR Gold Trust rising 1%. Major market indexes fell, including the SPDR S&P 500 ETF SPY, down 0.9%, and the Invesco QQQ Trust QQQ, down 1.4%. Technology stocks were hit the hardest, while defense and oil stocks saw gains. Bitcoin BTC/USD also dropped 2%.
Price Action: At the time of writing, SPY traded 0.15% lower in the after-hours session at $567.74 and QQQ was lower by almost 0.3% at $480.01.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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