Oil prices in focus after Iran drone attack

Late Saturday, Iran launched more than 300 drones and missiles at Israel, marking the first time Tehran directly attacked its adversary from its own territory. The attack significantly raised the temperature in the Middle East and could put more upward pressure on oil prices, which have already been rising steadily this year. What happened: Iran said it sent the aerial barrage to retaliate for a suspected Israeli strike on an Iranian consular building in Damascus. Iran’s attack caused little damage. Israel said it, along with the US, Western allies, and Arab partners, shot down 99% of the projectiles fired by Iran. What Israel will do next—the retaliation to the retaliation—is now the central question. To avoid a full-blown regional war that drags in the US, President Biden told Israeli Prime Minister Benjamin Netanyahu that the US wouldn’t provide support for an Israeli counterattack on Iran.