Israel launched airstrikes on Iran, in a major escalation in the standoff over Tehran’s atomic program that risks sparking a new war in the Middle East.
Explosions were heard in Tehran, according to local media. Iran had previously vowed to respond to any attack.
Israeli Defense Minister Israel Katz says in a statement he’s declaring a special state of emergency due to Israel’s “preemptive strike against Iran.” Israel is anticipating a retaliatory drone and missile attack, Katz said in a statement.
The attack came amid renewed questions about diplomatic efforts to resolve tensions over Iran’s atomic work. US and Iranian negotiators are scheduled to hold a sixth round of talks in Oman on Sunday, but President Donald Trump said this week he’s less confident about the chances of a deal.
Oil surged following reports of the strike. Brent rose as much as 5.7%, jumping above $73 a barrel, while West Texas Intermediate also rallied.
Futures tied to the Dow Jones Industrial Average lost 400 points, or 0.9%. S&P 500 futures dropped 1.1%, while Nasdaq 100 futures lost 1.3%.
Israel is already involved in a major military operation in Gaza where it’s been bombarding and blockading the civilian population for the past 20 months as it tries to destroy Hamas following the group’s deadly attack on the Jewish state on Oct. 7, 2023.
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