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Canada Retaliatory Tariffs on U.S. Goods Take Effect 
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Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Norway Core Inflation Rises to 3% in August 
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China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
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Israeli Prime Minister Benjamin Netanyahu vowed Tuesday that Iran would face consequences for what Israel described as a missile attack, while Tehran warned any retaliation would lead to "vast destruction," escalating fears of a broader regional conflict.
The U.S. voiced full support for Israel, its key ally in the Middle East. Iran's armed forces cautioned that if Israel’s allies intervened directly against Tehran, they would face a "strong attack" on their bases and interests in the region.
Oil prices surged by 5% amid concerns of an expanding conflict, and the U.N. Security Council scheduled a meeting for Wednesday to address the situation.
“Iran made a big mistake tonight – and it will pay for it,” Netanyahu said at the start of a security meeting, according to a statement from his office.
Iran Claims Retaliation, Israel Activates Defenses
Iran’s Revolutionary Guard Corps claimed the missile barrage was in response to Israel's recent strikes in Lebanon against the Iran-backed Hezbollah and actions in Gaza.
On Tuesday, Israel reported that over 180 ballistic missiles were fired from Iran, with alarms sounding across the country and explosions heard in Jerusalem and the Jordan River valley. Israel stated that its air defenses were activated, intercepting many of the missiles. Iran claimed it used hypersonic Fattah missiles, asserting that 90% hit their intended targets.
U.S. and International Responses
The Pentagon confirmed that U.S. Navy warships fired interceptors in response to missiles headed toward Israel. President Joe Biden condemned Iran's actions as "ineffective" and assured U.S. support for Israel, with Vice President Kamala Harris reiterating U.S. backing.
Tehran’s Warning and Calls for Ceasefire
Iran’s armed forces warned that any Israeli retaliation would lead to significant destruction of Israeli infrastructure and pledged to target regional allies that support Israel. U.N. Secretary-General Antonio Guterres condemned the escalation and called for a ceasefire, while EU foreign policy chief Josep Borrell urged for an immediate halt to hostilities.
