Overview

• Iran launched a significant missile attack on Israel, prompting discussions of Israeli retaliation targeting Iran's oil infrastructure.
• President Biden has advised Israel against striking Iranian oil fields, highlighting potential global economic repercussions.
• Oil prices have already increased amid fears of further escalation, with potential impacts on consumer prices in the U.S.
• Iran has threatened to disrupt oil shipping routes if its oil facilities are targeted, which could further destabilize global markets.
• The ongoing conflict poses political challenges for the Harris campaign, as rising gas prices could influence voter sentiment ahead of the election.