Iran launches missile attack on Israel: Update 1

Market: Crude oil
01/10/24

Updates with intraday crude prices rising.

Iran has launched a missile attack against Israel for the first time in six months, after Israeli forces began a ground invasion of Lebanon.

The Israeli military via its social media accounts said at 16:36GMT today that "all Israeli civilians are in bomb shelters as rockets from Iran are fired at Israel." This marks the second direct attack on Israel from Iran this year.

The US had forewarning of the Iranian attack, which it shared with Israel. US president Joe Biden and vice president Kamala Harris met with their national security team "to discuss Iranian plans to imminently launch a significant ballistic missile attack against Israel," the White House said.

Crude futures prices were trading down earlier in the day before climbing on reports that Washington warned of an imminent attack. Brent was up more than 5pc as of 1:20pm ET at $75.39/bl while WTI futures were up by more than 5pc at $71.81/bl.

The Middle East region has been braced for Iran to retaliate since the leader of Palestinian group Hamas, Ismail Haniyeh, was killed in Tehran in July. Tensions have grown in recent weeks after Israel stepped up attacks against Lebanon's Iran-backed Hezbollah militia, culminating in the killing of the group's leader Hassan Nasrallah in Beirut on 27 September.

Israel's military today began ground operations in southern Lebanon.

By James Keates and Haik Gugarats

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