As if the Hamas war was not enough that the escalation of tensions between Iran and Israel has added fuel to the fire in Middle East. The so-called retaliatory drone attack on Israel by Iran on Sunday is making the world anxious about this will pan out for the economies and geopolitics.
Global leaders, including UN chief Antonio Guterres, have called for restraint to avoid any further escalation, as the “Middle East is on the brink”, and the world could not afford more wars.
US President has already warned Israel that it would not take part in a counteroffensive against Iran after the weekend attack that involved 300 missiles and drones.
While Israel and allies including the US, UK and France managed to mostly foil the unprecedented attack by Iran, stock markets in Israel, Saudi Arabia and some other countries in the Middle East fell on Sunday, but only slightly.
Will Oil Take a Hit?
