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Israeli War Cabinet Vows Response to Iran as Oil Prices Cool Down

Israel convened its war cabinet on Monday morning, vowing a response to what is being described as a direct attack on Israel, despite various reports suggesting that Iran coordinated its missile barrage with Washington and directed missiles at Israel with the knowledge that they would all be shot down. 

The conclusion of Israel’s three-hour-long war cabinet was to find a solution that inflicts harm on Iran without causing an all-out regional war, according to Israel’s Channel 12 news, suggesting that actions would be coordinated with the U.S. 

As of the time of writing, Israel’s war cabinet had not released any updated information on its planned response, but was also reportedly considering diplomatic options. 

On Saturday, Iran retaliated against Israel for the leveling of the Iranian diplomatic mission in Damascus, Syria, in which a top military general and other diplomats were killed. Iran sent over 300 drones and missiles towards Israel, with all but a few intercepted by Israeli and its allies, including the United States. 

World leaders continue to preach restraint, urging Israel to avoid retaliation, with British Foreign Secretary David Cameron saying the UK would not support a retaliatory strike by the Israelis, the BBC reported. France has likewise said it would do everything necessary to avoid another retaliation. 

Oil prices shot up early on Monday in response to Iran’s attack, before paring gains as the markets considered an easing of tensions and possible avoidance of a regional war. 

By 12:56 p.m. ET on Monday, Brent crude had fallen back below $90 per barrel, down 1.26%, trading at $89.31. The U.S. crude oil benchmark, West Texas Intermediate (WTI) was trading down 1.30% at $84.55 per barrel. 

The Iranian missile barrage directed toward Israel has sparked a litany of oil price predictions for over $100 per barrel, though the rally was short-lived.

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By Charles Kennedy for Oilprice.com

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