Israel War Cabinet Silent on Next Steps After Iran Attack
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Israel War Cabinet Silent on Next Steps After Iran Attack
Wall Street Journal-April14th2024
Israel’s war cabinet met Sunday but didn’t say how it would respond to the broad aerial attack from Iran overnight. Some politicians were calling for a “crushing attack,” and Israel’s foreign minister said a retaliatory measure couldn’t be ruled out. In the U.S., President Biden pressed for a diplomatic response in a bid to head off further military escalation, saying the U.S. wouldn’t participate in an offensive by Israel.
What happened: Tehran launched about 350 drones and cruise and ballistic missiles, nearly all of which were shot down before reaching Israeli territory, or else failed to reach their targets. It was the first time Iran directly attacked Israel from Iranian territory, boosting the risk of a direct military confrontation between the two countries.
What led to the attack: Iran’s attack was a response to a suspected Israeli attack on an Iranian diplomatic complex in Damascus, Syria, earlier this month. Iranian officials said Sunday that Tehran had no intention of continuing its aerial campaign against Israel, but warned that if Israel retaliated, there would be “a decisive and much stronger response.”
Aftermath: A small number of missiles landed in Israel, causing light damage to a military base in the country’s south. A hospital in Israel said it was treating 12 people after the attacks.
How Can Israel Defend Against an Aerial Attack?
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Oil Prices Are Steady in Early Futures Trading
Oil futures were little changed in early trading Sunday, a sign that the risk of escalating warfare in the Middle East has been factored into this year’s roughly 20% rise in U.S. crude prices. U.S. benchmark futures ended last week at $85.66 a barrel, or about 4% higher than a year earlier. Brent crude, a global price gauge, ended Friday at $90.45.
Goldman Sachs analysts estimate that between $5 and $10 of current prices is so-called risk premium, or the compensation that investors demand in case global events suddenly reduce oil supply. “The cost of insuring against oil price spikes has picked up following attacks on Russian refineries and rising Iran-Israel tensions but has remained less elevated as of Friday than in October 2023 and in 2022 because Middle East crude production remains unaffected by the war,” the analysts wrote in a note to clients Sunday.
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Biden Confers With Congressional Leaders on Iran, Foreign Aid
A foreign-policy package is stalled in the House. (Elizabeth Frantz/Reuters)
President Biden spoke Sunday with four congressional leaders regarding Iran’s attack on Israel.
The White House said Biden spoke during the afternoon with Senate Majority Leader Chuck Schumer, (D., N.Y.) Senate Minority Leader Mitch McConnell (R., Ky.), Speaker of the House Mike Johnson (R., La.), and House Minority Leader Hakeem Jeffries (D., N.Y.). Biden “discussed the urgent need for the House of Representatives to pass the national security supplemental as soon as possible,” according to the White House. Johnson has said the House could work to advance a package related to foreign policy soon, though political differences have stalled progress for months
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https://www.wsj.com/livecoverage/israel-iran-strikes-live-coverage
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