Israel’s attack on Iran has catapulted their long-running conflict into what could become a wider, more dangerous regional war and potentially drive prices higher for both businesses and households.

What Happened in Markets Today Israel launched a broad air campaign against Iran, targeting its nuclear capabilities and military/political leadership. Markets were rattled after Israel said it had detected dozens of missiles launched from Iran and was working to intercept them.

The US State and Defense departments on Wednesday made efforts to arrange the departure of non-essential personnel from locations around the Middle East, according to US officials and sources familiar with the efforts.

A paratrooper carries the Iranian flag over the shrine of Iran's late leader Ayatollah Ruhollah Khomeini during the National Army Day parade ceremony in Tehran, Iran, April 18, 2025. Majid Asgaripour/WANA (West Asia News Agency)/Handout via REUTERS/File Photo

Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.

CNN’s Chief International Anchor Christiane Amanpour reacted to Israel’s unprecedented attack on Iran overnight, saying she did not imagine a scenario in which Iran would be able to fight back with as much strength as Israel has behind it.

FILE PHOTO: France's President Emmanuel Macron, Britain's Prime Minister Keir Starmer and Germany's Chancellor Friedrich Merz speak during a Ukraine security meeting at the 6th European Political Community summit on May 16, 2025 at Skanderbeg Square in Tirana, Albania. Leon Neal/Pool via REUTERS/ File Photo

Iran condemns Israel's overnight strikes on military and nuclear facilities while threatening US bases in the Middle East as the Trump administration orders partial evacuations.