The Escalation of the Israel-Iran Conflict and Its Consequences on world economy
On the morning of Saturday, October 26, Israel launched airstrikes on 20 military targets across Iran. Israeli Prime Minister Benjamin Netanyahu declared the operation a success, stating it severely weakened Iran's defence and missile production capabilities. Notably, Israel refrained from targeting Iran's nuclear sites, likely due to warnings from the Biden administration. While the strikes were precise, concerns about escalating conflict emerged. In Iran, a debate sparked over the appropriate response, with some advocating for military action to avoid appearing weak, while others noted the limited scale of the attacks and cautioned against retaliation that could provoke more significant Israeli strikes. Supreme Leader Ayatollah Khamenei remarked that Israel was miscalculating Iran's strength and determination. However, he also emphasized a measured approach, urging that the impact of Israeli actions should not be exaggerated or minimized. This indicated a preference for c...