Iran launched multiple waves of missile strikes against Israel on Tuesday. Air raid sirens sounded across Tel Aviv and surrounding areas during the attack.
The escalation contradicts President Donald Trump’s Monday claims of productive de-escalation talks. Iranian Parliamentary Speaker Mohammad Baqer Qalibaf rejected reports of negotiations and accused the White House of spreading fake news to manipulate financial markets.
Brent crude oil prices rose over 4% following the strikes. Global oil prices exceeded $104 per barrel as investors weighed potential shipping disruptions in the Strait of Hormuz.
The conflict reinforces the investment thesis for the aerospace and defense sector. Analysts expect sustained hostilities to drive increased government spending on munitions and advanced defense systems.