- Oil Price May Hit $90 pb
By Abiola Olawale
The Middle East stands on the brink of chaos as Iran has launched a ferocious barrage of ballistic missiles targeting Israel, escalating a simmering conflict into a full-scale war.
The counterstrikes, described by Iran’s state media as a “crushing response,” come in retaliation for Israel’s massive aerial assault on Iranian nuclear and military facilities, dubbed “Operation Rising Lion.”
This is coming against the background of surging oil prices as the crisis in Middle East Escalates. Experts project that the price of crude could rise to $90 per barrel shortly.
Iran’s elite Revolutionary Guards Corps (IRGC) confirmed late Friday that it fired hundreds of ballistic missiles toward Israel, targeting key military and civilian sites.
“Moments ago, with the launch of hundreds of various ballistic missiles toward the occupied territories, the operation of decisive response to the savage attack of the Zionist regime has begun,” reported Iran’s official news agency, IRNA.
This comes after Israel’s strikes earlier on Friday, which obliterated Iran’s underground nuclear enrichment facility at Natanz, crippled air defenses, and killed top military commanders, including IRGC chief General Hossein Salami, army chief of staff Major General Mohammad Bagheri, and six prominent nuclear scientists.
According to reports, explosions rocked Tel Aviv and Jerusalem as Israel’s Iron Dome and other defense systems scrambled to intercept the incoming missiles.
Iranian state media also claimed at least one Israeli fighter jet was shot down, with its pilot detained, though Israel has not confirmed these reports.
