Key Points – Global markets are reeling after Israel launched a massive overnight air assault on Iran on June 13th, targeting nuclear facilities and killing top military commanders in a preemptive strike.
-Iran immediately retaliated with a barrage of over 100 drones toward Israel.
-The attack has derailed upcoming US-Iran nuclear talks, and the escalating “tit-for-tat” exchange has sent oil prices soaring, with Brent crude briefly surging over 13%.
-As stock markets tumble, President Donald Trump has urged a return to negotiations, while Iran’s Supreme Leader has vowed “severe punishment,” raising fears that the US could be dragged into a wider conflict.
Markets Reel as Israel Attacks Iran
Tensions have spiked in the Middle East after Israel launched a daring overnight raid on Iran in decades.
A slew of top Iranian military officials were killed and Tehran responded with a barrage of more than 100 drones toward Israel. Israel Targets Iran’s Nuclear Facilities and Personnel
Israel targeted numerous nuclear enrichment sites and top Islamic Revolutionary Guard Corps (IRGC) figures, decapitating a significant chunk of the Islamic Republic’s military capacities.
Tehran quickly retaliated. Drones were launched toward Israel, while Jordan’s military intercepted several as they crossed into its airspace, triggering rocket sirens.
Meanwhile, Iranian state media reported a second wave of Israeli strikes on a military airport in Tabriz later Friday.
‘Tit-for-tat’
This tit-for-tat comes just days before Iran and the U.S. were expected to resume nuclear negotiations in Oman. Those talks now appear derailed, with Iranian officials pulling out in protest. It is a development that suits hawks in Jerusalem who have long viewed the talks as a smokescreen for Iranian nuclear advancement.
Oil markets reacted instantly. Brent crude briefly surged over 13%, peaking above $78 a barrel before settling closer to $75. U.S. WTI rose around 9%. The fear is clear: this region—responsible for a third of global oil—could become a battleground.
Stocks across Asia and Europe fell sharply, and U.S. futures tumbled more than 500 points as investors fled to safe havens.
Trump Speaks Out
U.S. President Donald Trump, writing to his Truth Social platform, outrightly blamed Iran for the escalation. However, the firebrand leader of the Free World urged a last-minute return to the negotiating table. “Now everyone is dead, and it’s only going to get worse,” he warned, adding, “Just do it, before it’s too late.”
Whether Iran heeds that advice remains to be seen. Supreme Leader Ayatollah Ali Khamenei vowed that the “Zionist regime” would face severe punishment. “The powerful arm of the Islamic Republic’s Armed Forces won’t let them go unpunished,” he posted online.
With U.S. officials insisting Washington was not involved in the Israeli strikes, and Iran declaring it will still hold the U.S. responsible, the question now is whether America will be dragged into the fray. A National Security Council meeting is scheduled in Washington for later today.
What happens next will depend not just on missiles or markets, but on whether an already dented diplomacy drive can be revived. The fear is that this fresh exchange may prove less a climax and more a prologue.
About the Author:
Georgia Gilholy is a journalist based in the United Kingdom who has been published in Newsweek, The Times of Israel, and the Spectator. Gilholy writes about international politics, culture, and education.
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