On Tuesday, Iran launched a missile attack against Israel following the recent killing of Hezbollah leader Hassan Nasrallah. The strike occurred after the United States warned that an attack in the region was imminent.
What Happened: Tensions have been increasing in the Middle East, which has led the United States to boost its military presence in the region.
Missiles were launched from Iran at Israel, with sirens going off in the country and telling residents to take shelter.
The number of missiles fired by Iran ranged from 100 to 200 according to a report from Bloomberg.
Iran said the attack was retaliation for the killing of senior leaders including Nasrallah by Israel. They also warned that further strikes would follow if Israel chooses to retaliate.
Tuesday's attack was the first direct missile strike by Iran on Israel since April.
What's Next: The attack on Israel could be the beginning of increased escalation in the Middle East, and could also see a reaction from the United States.
"A direct military attack from Iran against Israel will carry severe consequences for Iran," a senior White House official said Tuesday morning, as reported by CNN.
The White House has said that the country is "actively supporting defensive preparations to defend Israel against" any attack.
CNN reported that President Joe Biden and Vice President Kamala Harris met with top national security officials Tuesday to discuss plans on how to respond to the attack that was expected on Israel.
"They reviewed the status of U.S. preparations to help Israel defend against attacks and protect U.S. personnel," White House spokesperson Emilie Simons said.
Israel has warned that Iran’s attack could trigger further escalations.
"There is no place in Iran that the long arm of Israel cannot reach, and that's true of the entire Middle East," Israeli Prime Minister Benjamin Netanyahu said during a speech last week.
On Tuesday, United States Secretary of State Antony Blinken said the country is "Tracking events in the Middle East very closely." The Secretary of State said the U.S. is "committed to Israel's defense.”
Market Reaction: The price of gold and oil both spiked higher after the attack. The United States Oil Fund USO is up 4% to $72.39 on Tuesday. The SPDR Gold Trust GLD is up 1% to $245.99 on Tuesday.
News of the attacks has the SPDR S&P 500 ETF Trust SPY down 1% to $567.35 on Tuesday. The ETF has hit new all-time highs in recent days and had a positive return in September for the first time in five years.
Other market indexes are also trading lower Tuesday on the new report.
The SPDR Dow Jones Industrial Average ETF DIA, which tracks the Dow Jones Industrial Average, is down 1% to $420.59.
The Invesco QQQ Trust QQQ, which tracks the Nasdaq 100, is down 2% to $479.22.
Overall, technology stocks are getting hit the hardest, with defense and oil stocks trading higher.
Bitcoin BTC/USD is down 3% to $61,679.21 on Tuesday at the time of writing.
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