Oil prices are set to rise as market braces for Israel response to Iran's missile and drone barrage

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Iran launched more than 300 drones and missiles against military targets in Israel in an attack that President Joe Biden described as…

Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as"unprecedented."

The air assault was the first time Iran has directly attacked Israeli territory, senior U.S. military officials told reporters in a call Sunday. The attack was launched from locations in Iran, Iraq, Syria and Yemen, the officials said. More than 100 ballistic missiles were fired at Israel as well as land attack cruise missiles and drones, a senior administration official said.

The crude oil market is now bracing for the Netanyahu government's response to the attack and waiting to see whether this marks the start of a direct war between Israel and Iran, according to Jorge Leon, senior vice president at Rystad Energy. U.S. National Security spokesperson John Kirby told NBC News'"Meet the Press" Sunday that Biden does not want a wider with Iran."The coming hours and days will tell us a lot," Kirby said.

 

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