Iranians wave Iranian and Palestinian flags as they celebrate the Iranian Revolutionary Guard's drone and missile attack against Israel on April 14, 2024.
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Iran rained a deluge of drones and missiles on Israel on Saturday night in response to a suspected Israeli raid that killed senior Iranian officials in Syria, in a profound escalation of tensions in the Middle East.
Israel said it had identified 300 “threats of various types” and eliminated “99%” of those heading to Israeli territory, according to an update from Israel Defense Forces spokesman Admiral Daniel Hagari. He said that a 10-year-old girl was “seriously injured by shrapnel” but that no additional casualties were reported, adding that “several shootings” had been launched towards Israel from Iraq, Yemen and Lebanon.
Last night was the first case of a direct attack on Israel from Iranian territory. Iran-backed factions — such as the Palestinian Hamas movement, Lebanon's Hezbollah, the Yemeni Houthis, and the Syrian administration of Bashar al-Assad — have engaged militarily with the Jewish state.
Earlier on Saturday, the Iranian Revolutionary Guard seized a cargo ship in the Strait of Hormuz, claiming it was linked to Israel.
The Chief of Staff of the Iranian Armed Forces, Major General Mohammad Bagheri, said that the Tehran operation has now ended and will not involve any further measures, in statements reported by the state-owned Islamic Republic of Iran News Agency.
Israel and Iran have been on the cusp of direct conflict since the start of the Israeli military campaign in the Gaza Strip, which came in response to the October 7 Hamas terrorist attack. Iran vowed revenge after a suspected Israeli attack on an Iranian consulate in Gaza. Damascus, Syria, on April 1, which resulted in the killing of a number of senior Iranian military leaders.
“We will not be able to comment on the allegations regarding a strike in Damascus,” an Israeli Foreign Ministry spokesperson told CNBC via email, adding that “Iran’s attack on Israel on the night of April 14 is a direct attack on a sovereign state.” “His use of proxies over the past decades and the destabilizing influence of the Ayatollah regime in the region and beyond must end.”
Israel's ambassador to the United Nations, Gilad Erdan, also called for an emergency meeting of the UN Security Council and “demanded that they condemn the Iranian attack on Israel and designate the Iranian Revolutionary Guard as a terrorist organization.”
EU slams Tehran attack: “The European Union strongly condemns the unacceptable Iranian attack against Israel,” EU High Representative Josep Borrell said late Saturday on social media. He added, “This is an unprecedented escalation and a serious threat to regional security.”
US President Joe Biden also denounced the Iranian strike on Saturday, describing it as “unprecedented” and requested a meeting of G7 leaders “to coordinate a unified diplomatic response to the brazen Iranian attack,” according to a White House statement.
He added: “Although we did not witness attacks on our forces or facilities today, we will remain vigilant to all threats and will not hesitate to take all necessary measures to protect our people.”
Relations between staunch allies Washington and Israel have appeared somewhat chilly in recent weeks, with Biden warning that further support would depend on Israel taking steps to protect civilians and humanitarian relief workers in the Gaza Strip.
But the United States — along with the United Kingdom and France, according to the Israeli military — intervened to mitigate the Iranian attack last night, and the attack could reignite the urgent need to pass a major $95 billion bill, including funding for Israel and Ukraine, that passed the Senate. But it remained stagnant. Republican opposition in the US House of Representatives.
“In light of Iran’s unprovoked attack on Israel, the House will move from its previously announced legislative schedule next week to instead consider legislation that supports our ally Israel and holds Iran and its terrorist proxies accountable,” House Leader Steve Scalise said on social media.
Mitch McConnell, the Republican leader in the Senate, said in a statement, “Congress must also do its part. The National Security Annex, which has waited months to act, will provide important resources to Israel and our military forces in the region.” “We cannot hope to deter conflict without showing resolve and seriously investing in American power.”
Ramifications
Attention has been focused on oil futures prices after they sporadically inflated in recent months due to trade disruptions and delays caused by naval attacks in the Red Sea launched by the Houthis in Yemen, who claim solidarity with the Palestinian people.
Iran is also home to vast oil resources, which have been largely directed toward China since the United States reimposed sanctions during the Donald Trump administration.
The Iranian currency fell to a record low of 705,000 rials/dollar in the unofficial market around 10:30 a.m. local time on Sunday, according to data from foreign exchange monitoring website Bonbast.
The Tel Aviv Stock Exchange's main index, the TA-35, was down 0.38% at 10:23 a.m. London time.
In aviation, many airlines have suspended or diverted their services across the Middle East, in the wake of the Iranian attack. Jordan, Iraq and Lebanon reopened their airspaces after briefly closing them on Saturday following the attack, Reuters reported.
— CNBC's Emma Graham contributed to this report
