As we move towards the weekend, Israel's strikes on Iran have moved the focus away from Palestine and back to the security situation in the wider Middle East. Overnight energy markets have started buying oil futures and WTI has popped, at one point hitting $77.
Prices have since retreated, although WTI is still up over 5% on the spot price. Details are still emerging at time of writing, but it seems that Israel used drones to attack Iranian military and nuclear facilities in highly surgical strikes. Although there was no direct US involvement, it is likely that Israel's allies will try to cooperate to defend Israel against Iranian retaliation.
These actions have of course further raised the stakes in the Middle East region. Oil traders are going to be wondering whether Iran will retaliate and how. Iran's previous drone strikes against Israel proved ineffectual. In addition, Israel seems to have crippled Iran's proxy militia network in Lebanon, Hezbollah.
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