Israeli authorities say Iran launched a volley of missiles at Tel Aviv and other parts of the country. Kuwait and Saudi Arabia were attacked by drones and missiles, while Israel says it struck targets linked to Hezbollah in Lebanon, which it claims is Iranian-backed. The economies of Saudi Arabia and the United Arab Emirates, heavily reliant on energy transport through the Strait of Hormuz, are now increasingly embracing a confrontation with Iran.
Oil prices climbed back above $100 a barrel after a sharp drop in the previous trading session following US President Trump's announcement that the US would temporarily postpone strikes on Iran's power grid for five days. Trump stated that the decision was based on consultations with Iran, which he described as "productive" and "very strong." However, the Iranian parliament speaker denied any such negotiations were taking place and accused Trump of fabricating the claim to ease turbulent financial markets.
