Nations will release an extra 400 million barrels of oil to the market. All we need to do now is not panic at the pump 
Unprecedented direct missile exchanges and a dramatic extension of the battlefield signal a dangerous new phase in the feud between Iran and Israel. Iran sent hypersonic and Sejjil missiles to target major Israeli cities, including Tel Aviv and Eilat, last week, supposedly testing the effectiveness of the Iron Dome defense system and igniting large fires and damage. In a large counter-offensive, Israel claims to have wiped out more than 70% of Iran's missile launchers and targeted over 700 high-value targets, including nuclear-related locations and IRGC headquarters, while calling up 50,000 reserve troops for operations in Lebanon.
The conflict has quickly expanded beyond the close borders of the two main combatants, thereby jeopardizing world energy security and world trade. Iranian-linked drone strikes have targeted important infrastructure in the UAE, including locations near Dubai airport and Fujairah port, which has forced a suspension of oil loading activities. Attacks on American military bases in Iraq and the Gulf countries have also pulled Washington more deeply into the battle. The financial and humanitarian toll is growing daily as casualties now exceed 1,800 across the area and major interruptions to the Strait of Hormuz—a crucial worldwide shipping artery—are reported.
As Iran's Foreign Minister formally refused ceasefire talks, indicating a commitment to a long and high-intensity struggle, diplomatic initiatives seem to have come to a total halt. Rising domestic conflicts inside Iran are also seen in reports about the safety of Supreme Leader Mojtaba Khamenei, whereas the U.S. administration, headed by President Trump, has officially described the events as "major combat operations." Without a clear path toward de-escalation, the area hangs on a knife's point, very actually ready to experience a complete and unchecked regional war.
