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Iran, Israel and Benjamin Netanyahu
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Israel threatens 'Tehran will burn'
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NEW YORK (Reuters) -Dual risks kept investors on edge ahead of markets reopening late on Sunday, from heightened prospects of a broad Middle East war to U.S.-wide protests against U.S. President Donald Trump that threatened more domestic chaos.
The country’s exports mostly come from Kharg Island in the Persian Gulf. But Israel’s energy facilities are also at risk.
Under the Islamic Republic that took power in 1979, enmity toward Israel has been a core ideological tenet of Iranian foreign policy and a key driver in its regional policy. Over decades, their rivalry played out mainly through indirect actions by Iran and by covert operations from Israel.
Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X.
While Israel and Iran trade attacks, Palestinians in Gaza have been struggling to find food, connect to the internet and survive airstrikes.
Follow the latest news after Israel launched strikes at Iran, a dramatic escalation in long-running tensions between the two countries.
Israeli Defence Minister Israel Katz has said that Iran crossed "red lines" on Friday when its missiles targeted civilian areas in response to Israel's recent wave of attacks. "Iran has crossed red lines by daring to fire missiles at civilian population centres in Israel," he said in a statement.
An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration.
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