By Steven Scheer, Maya Gebeily and Parisa Hafezi
Iran announced early Wednesday that its missile attack on Israel has ended unless further provoked, while Israel and the U.S. pledged to respond to Tehran's escalation, raising fears of a broader conflict.
Washington vowed to work with Israel to ensure Iran faces "severe consequences" for Tuesday's attack, as the United Nations Security Council scheduled a meeting on the situation in the Middle East and the European Union called for an immediate ceasefire.
Iran's Foreign Minister Abbas Araqchi stated, "Our action is concluded unless the Israeli regime decides to invite further retaliation. In that scenario, our response will be stronger and more powerful."
Israel resumed its bombardment of Beirut's southern suburbs early Wednesday, targeting Hezbollah strongholds. Iran launched over 180 ballistic missiles on Tuesday, causing sirens to sound across Israel and prompting the population to seek shelter in bomb shelters.
No injuries were reported in Israel, but one man was killed in the West Bank. Iran described its campaign as defensive, targeting Israeli military facilities in response to Israeli aggression in Lebanon and Gaza.
Israel's Prime Minister Benjamin Netanyahu vowed to retaliate, while Iran's General Staff of the Armed Forces warned of "vast destruction" of Israeli infrastructure in response. The conflict has raised concerns of a wider regional war.
U.S. Navy warships intercepted Iranian missiles aimed at Israel, with the Pentagon confirming the use of interceptors. President Joe Biden expressed full support for Israel, calling Iran's attack "ineffective." The U.S. and EU have called for a ceasefire to prevent further escalation.
Analysis:
The escalating conflict between Iran and Israel, with the involvement of the U.S., has raised fears of a wider regional war. The missile attacks and retaliations have the potential to impact global stability and financial markets. Investors should closely monitor the situation and consider the implications for geopolitical risks on their investment portfolios. The risk of disruptions to oil supplies, increased military spending, and heightened tensions in the Middle East could have significant economic consequences. It is crucial for individuals and businesses to stay informed and be prepared for potential market volatility and geopolitical uncertainty.