The barrage of missiles from Iran followed “localized” ground raids by Israeli forces in southern Lebanon to root out Hezbollah fighters.

We really need to expect the worst,” Fawaz Gerges, Professor of International Relations at the London School of Economics, tells Eleni Giokos about Israel’s possible retaliation to Iran’s missile barrage.

If Iran's oil installations are taken offline, oil prices could surge over $200 per barrel, SEB's Bjarne Schieldrop said.

Growing concerns of a retaliation by Israel affecting Iran's oil production pushed crude oil futures more than 5% higher Thursday, powering gains for oil-related stocks.

The low-boil conflict between Israel and Iran has shaped the Middle East for decades. Of the many conflicts that have roiled the region, theirs has long been among the most explosive. The two have attacked each other — mostly quietly and in Iran’s case often by proxy — while avoiding an escalation into direct war.