Dubai/Jerusalem: The Middle East crisis escalated after Israel launched a barrage of early Saturday air strikes in retaliation for a ballistic missile attack from Tehran on October 1. Iran, in a second direct attack against Israel, rained some 200 missiles over Israel.
The Israel Defense Forces have confirmed the strikes, saying that “Our forces are conducting pinpoint strikes on Iranian military targets in response to months of continuous aggression by the Iranian regime.” The defense chief of Israel was quoted saying, “This operation shows our power.”.
Israel says it has a right to defend itself against attacks and actions of Tehran, including by Iran-aligned groups that have repeatedly attacked Israeli territory with missile strikes. The IDF said that all of its defensive and offensive resources had been fully mobilized.
While reports on the scale of the strikes are classified, explosions near Iran’s capital Tehran and a city in Karaj were reported. Official statements from Iranian state media initially claimed that the explosions could be attributed to Iran’s air defense systems firing, although nothing has been done by officials to confirm the cause.
The United States had been informed in advance by Israel of the strikes but has not been involved in the operation. A White House spokesman reaffirmed that Israel has the right to defend itself but underlined the need for prudence to avoid further escalation. To this end, US Secretary of State Antony Blinken recently called on Israel to refrain from acts that may escalate the situation further.
There have also been explosions near Damascus, Syria, and Israel has had a very active period for the past few weeks attacking Iran-aligned groups, among them Hamas in Gaza and Hezbollah in Lebanon. In fact, Israel’s defense minister threatened, “Those who attempt to harm Israel will face serious consequences.”
Considering the regional tensions, the financial markets of Middle Eastern regions are closely evaluating the recent developments. This has also affected the gold rate due to investors preferring stability in the midst of uncertainty in the region.