Iran Launches Missile Strikes on Israel in Retaliation, Causing Surge in Oil and Gold Prices

Iran Launches Missile Strikes on Israel in Retaliation, Causing Surge in Oil and Gold Prices

CNN-On Tuesday, Iran launched dozens of missiles toward Israel, which Iranian officials claimed were in response to the assassination of Hezbollah leader Hassan Nasrallah and several other prominent figures. This action could push the region closer to a larger conflict.

CNN teams on the ground in multiple areas across Israel witnessed the missiles soaring through the sky as warning sirens echoed throughout the country. The Israeli military stated that Iran had fired approximately 180 projectiles towards Israel. The Israeli Defense Forces (IDF) spokesperson, Rear Admiral Daniel Hagari, described the attacks as “serious” and warned of “severe consequences.”

Many of the missiles were intercepted by Israel’s defense system, though some did reach the ground.

Fortunately, there were no reports of casualties in the initial stages. U.S. Secretary of State Antony Blinken later mentioned that the attack had been “effectively thwarted.”

This incident comes amidst heightened tensions in the region, following recent clashes between Israel and Iran’s proxies, particularly Hezbollah in Lebanon and Hamas in Gaza. Global attention is now focused on how Israel might respond to these missile strikes.

Israel has been engaged in conflict with Hamas in Gaza since the terrorist attack carried out by the group on October 7th in southern Israel.

Tens of thousands of Palestinians have lost their lives, and large portions of Gaza have been reduced to rubble during these ongoing clashes.

In the meantime, Iran launched its missile attacks just hours after Israel announced the start of a limited ground operation in Lebanon. Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed that the missile strikes were in retaliation for the killing of Nasrallah and others.

Following the missile barrage, Iran’s mission to the United Nations declared that the strikes were a response to the “terrorist acts of the Zionist regime” and issued a stern warning: any retaliation by Israel would be met with a “strong and crushing response.”

Earlier in the day, the White House had issued a warning that Iran was preparing for a ballistic missile attack against Israel, urging Israeli authorities to take defensive measures. People in cities like Tel Aviv were advised to stay near shelters as a precaution, and the atmosphere in the streets was noticeably tense.

In the aftermath of the attacks, oil prices surged from $66 to $72 per barrel, while gold prices increased from $2,630 to $2,660. These fluctuations in the global market highlight the significant economic impact of these developments.