Israel has launched a series of coordinated airstrikes on Iran, targeting nuclear facilities in what it describes as a decisive move to prevent the Islamic Republic from becoming a nuclear power. The Israeli military announced the operation on its official Telegram channel, stating that “dozens of fighter jets struck Iranian nuclear complexes in various parts of the country.”
The strikes immediately triggered a sharp reaction in global markets, sending oil, bonds, and gold rallying. Brent crude surged by more than 7% in early Friday trading, as traders began pricing in the risk of major supply disruptions from a region that accounts for roughly one-third of the world’s oil production. Oil is now on course for its largest weekly gain since 2022. Gold prices also rallied as investors moved into safe-haven assets amid the mounting geopolitical risk.
According to Israeli sources, the goal of the airstrikes is to disrupt Iran’s nuclear program, viewed by Israel as an existential threat. Prime Minister Benjamin Netanyahu convened his cabinet following the strikes, calling the action “a defining moment in Israel’s history.” Israel has closed its airspace and placed its military on high alert, saying it is fully prepared for a potential Iranian retaliation.
According to Israel’s Prime Minister Netanyahu, the operation, dubbed Rising Lion, targets the heart of Iran’s nuclear enrichment program. In his declaration, Prime Minister Netanyahu stated: “We struck at the heart of Iran’s nuclear weaponization program. We targeted Iran’s main enrichment facility in Natanz. We targeted Iran’s leading nuclear scientists working on the nuclear bomb. We also struck at Iran’s ballistic missile program.” He noted also that the operation “could last for as many days as it takes”, adding that his government will not allow “the world’s most dangerous regime to get the world’s most dangerous weapons”.
Iran has yet to issue an official response, though state media reported several explosions in the capital, Tehran. There are no confirmed casualties or assessments of damage at this time.
U.S. Secretary of State Marco Rubio was quick to confirm that the United States was not involved in the operation, noting that Israel described the attack as vital for its national defense.
With tensions escalating, oil markets remain on edge. Investment banks like JPMorgan warn that in a worst-case scenario, prices could surge to $120 per barrel if military conflict closes the strategically vital Strait of Hormuz.
By Tom Kool for Oilprice.com
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