European Oil and Cyberattacks

Oil markets have learned to roll with geopolitical crises in a way that was unthinkable years ago, when the mere hint of a major escalation in the Middle East would spook crude futures. Oil traders had already pushed up the price of crude from the low $70s a barrel to about $90 a barrel since early December, anticipating the worst. The worst has not happened yet, but there is still scope for a political or geopolitical shock or two to roil oil markets.

Iran's attack on Israel could be bad for Russia's war in Ukraine as new fault lines emerge. Iran is a key arms supplier and economic partner to Russia. Russia has been installing itself as a military and diplomatic player in the Middle East for years. A broader regional conflict could boost China's clout in the region at Moscow's expense.

Iran fired more than 300 drones and missiles against Israel on Saturday evening. Almost all were intercepted before they reached Israeli airspace and there were no fatalities reported. A 10-year-old girl in Israel was badly injured by falling shrapnel, while an army base was lightly damaged. Tehran said there would be no further attacks as long as Israel did not retaliate aggressively.

The Israeli response to the Iranian attack was driven by a new regional alliance. Israel's defense minister Benny Gantz was involved in putting together what he called MEAD, Middle East Air Defense. MEAD is yet to be ratified by the signatories of the Abraham Accords as the Mid-East NATO alliance.

Israel says 300 Iranian drones and missiles downed in unprecedented' attack U.S. President Joe Biden denounced the Iranian strike on Saturday as unprecedented and will convene G7 leaders to respond to Irans brazen attack. Iran's chief of staff of the armed forces, Major General Mohammad Baqeri, said that Tehran's operation had now concluded and would involve no further actions. Israel said it identified 300 "threats of various types" and eliminated "99%" of those bound for Israeli soil.

G7 agree to pressure Israel not to respond to Iranian attack. Meeting decided to use all possible channels of influence to prevent Israel from launching a retaliatory attack against Iran. European Council President Charles Michel said: "We unanimously condemned Iran's unprecedented attack against Israel"

President Biden's national security spokesperson joins "Fox News Sunday" to break down Iran's missile and drone attack on Israel. Experts say Biden's dovish posture toward Iran emboldened Tehran in its attack on the Jewish state. Biden faced criticism after releasing as much as $10 billion into the coffers of the Islamic Republic.

Biden convenes G7 emergency summit as Israel debates response to blistering Iran drone attack. Biden reportedly told Israel that the US would not take part in a counterstrike after Irans drone attack - and Iranian and Israeli authorities prepared for their next moves.

The Islamic Republic fired more than 300 drones and missiles against Israel on Saturday evening. Almost all were intercepted before they reached Israeli airspace and there were no fatalities reported. A 10-year-old girl in Israel was badly injured by falling shrapnel, while an army base was lightly damaged. Iran promised an attack against Israel after its embassy compound in Syria was hit by missiles on April 1. Tehran said there would be no further attacks as long as Israel didnt retaliate aggressively.

Israel-Iran conflict adds to Fed's caution on rate cuts as oil prices may disrupt inflation fight-but China and OPEC+ could ease pressure, Capital Economics says. Rise in oil prices would complicate efforts to bring inflation back to target in advanced economies, but will only have a material impact on central bank decisions if higher energy prices bleed into core inflation. Wall Street analysts are bracing for oil prices to jump in the wake of the attack.