Analysis via @Newsquawk – Middle Eastern tensions: The long and the short of it.

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IRAN’S MISSILE ATTACK ON ISRAEL: Iran’s IRGC launched nearly 200 missiles towards Israel, targeting military bases and civilians. Iran’s Revolutionary Guards said they targeted three Israeli military bases in a missile attack and used hypersonic ‘Fattah’ missiles in the Israeli attack, according to state TV. The attack was in retaliation for the killing of Hamas Chief Haniyeh, Hezbollah Chief Nasrallah and IRGC Commander Nilforousha.

ISRAEL’S DEFENSE: Israeli air defences, supported by the US, intercepted a significant number of missiles. Israeli military reported no major injuries, although minor injuries and a Palestinian fatality were reported. The UK was also involved in an operation to shoot down missiles fired by Iran at Israel.

ISRAEL’S PLANNED RETALIATION: Israel announced it would respond “at the right time” and might target Iranian oil facilities. PM Netanyahu and Israel’s UN envoy warned that Iran would face severe consequences.

ESCALATION THREATS: Iran warned of further, more severe retaliation if Israel or its backers respond militarily. Iran justified its actions as self-defence under Article 51 of the UN Charter and stated it would not escalate unless provoked further by Israel or its allies.

NETANYAHU’S SECURITY CONSULTATION: Israeli PM Netanyahu is expected to hold a limited security consultation with senior ministers and defence chiefs (possibly around 12:00IST/10:00BST) to discuss the response to the Iranian attack.

This article was written by Ryan Paisey at www.forexlive.com.