The ongoing conflict between Israel and Iran has resulted in a series of retaliatory strikes, with Israel targeting key energy infrastructures in Iran while suffering casualties from Iranian missile attacks. The strikes mark a significant escalation, particularly following Israel's deadly bombardment of Iranian nuclear and military sites that resulted in high civilian and military casualties. Tensions increased as diplomatic talks aimed at mitigating the conflict were suspended, with both nations expressing unwillingness to de-escalate. The situation poses a dire threat to global markets amid fears of prolonged warfare in the region.
The conflict has raised prospects of a broader assault on Iran's heavily sanctioned energy industry that could affect global markets.
Iranian Foreign Minister Abbas Araghchi emphasized that if Israeli strikes cease, their retaliatory responses will also stop.
Israeli attacks have killed at least 80 people and wounded 800 others in Iran, while at least 10 people were killed in Israeli overnight strikes.
United States President Donald Trump has expressed full support for Israel, warning Iran that further destruction can only be avoided through a new nuclear deal.
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