Israel-Iran conflict escalates: global markets tumble as Middle East braces for war

Israel's unprecedented airstrikes on over 100 Iranian nuclear and military sites killed top commanders and scientists, triggering Iran's drone retaliation and severe threats from Supreme Leader Khamenei. The strikes have roiled global markets with Brent crude surging 13% and Indian indices plunging over 1.5%, while international calls for restraint intensify amid fears of a wider regional war.

Sources:
Deccan HeraldFirstpostAbc+20
Updated 3h ago
Tab background
Sources: Deccan HeraldMoneycontrolTimesofindia+10
Israel launched a significant airstrike on Iran on June 13, 2025, targeting nearly 100 nuclear and military sites, including the Natanz uranium enrichment facility, killing top Iranian commanders and nuclear scientists.
The Israeli Defense Forces (IDF) deployed over 200 fighter jets and dropped more than 330 munitions in a coordinated operation aimed at crippling Iran's nuclear program, which Israel claims is nearing weapons-grade uranium enrichment.

"Iran has produced enough highly enriched uranium for nine atom bombs," Israeli Prime Minister Benjamin Netanyahu said, warning the strikes would continue "as many days as it takes" to remove the threat.

Iran's Supreme Leader Ayatollah Ali Khamenei condemned the attacks as a "declaration of war" and vowed "severe punishment", while Iran retaliated by launching over 100 drones toward Israel, most of which were intercepted by Israeli air defenses.

The strikes killed several senior military leaders, including General Hossein Salami, commander-in-chief of the Revolutionary Guards, and General Amir Ali Hajizadeh, head of the missile program, as well as at least six nuclear scientists.

"The armed forces of the Islamic republic will inflict heavy blows upon this malevolent enemy," Khamenei said.

The conflict has rattled global markets, with Brent crude oil prices surging over 13% to $78.50 per barrel amid fears of disruption in the critical Strait of Hormuz, through which about 20% of global oil consumption passes.

India's benchmark indices plunged, with the BSE Sensex dropping 1,337 points and the Nifty index falling 415 points, while the Indian rupee weakened against the US dollar.

Several Middle Eastern countries, including Jordan, closed their airspace anticipating further attacks, and airline stocks worldwide declined due to increased jet fuel costs and airspace restrictions.

UN Secretary-General Antonio Guterres called for "maximum restraint" to avoid a deeper conflict, emphasizing the risks amid ongoing nuclear talks between Iran and the US.

US President Donald Trump praised Israel's action as "excellent" but urged Iran to accept a nuclear deal to prevent further bloodshed.

The escalation marks the most serious military confrontation between Israel and Iran since 1979, raising fears of a wider Middle East war with global economic repercussions.

Sources: Deccan HeraldMoneycontrolCnbc+3
Israel launched a major airstrike on Iran’s nuclear and military sites, killing top commanders and scientists, escalating tensions. Iran retaliated with drone attacks. Global markets tumbled amid fears of wider Middle East conflict, with oil prices surging and countries closing airspace. UN and world leaders call for restraint.
Section 1 background
The Headline

Massive Israeli airstrikes kill top Iranian commanders; markets plunge

With this crime, the Zionist regime sealed for itself a bitter and painful destiny and will definitely see that [destiny] brought upon it.
Ayatollah Ali Khamenei
Iran's Supreme Leader
NdtvTheweek
There is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end.
Donald Trump
US President
CnbcAljazeera
Key Facts
  • On June 13, 2025, Israel launched a massive airstrike involving over 200 jets targeting nearly 100 Iranian nuclear and military sites including the key Natanz nuclear enrichment facility.Deccan HeraldTimesofindiaTheguardian
  • The strikes killed top Iranian military commanders including Mohammad Bagheri, Hossein Salami, Amir Ali Hajizadeh, and at least six nuclear scientists.TimesofindiaTheguardianThehindu+1
  • Iran's Supreme Leader Ayatollah Ali Khamenei vowed severe retaliation, calling the strikes a declaration of war and promising harsh consequences.Ndtv5Theweek+1
  • Iran retaliated by launching over 100 drones towards Israel; Israeli air defenses intercepted most outside its borders, maintaining control of the situation.Firstpost33
  • Global markets reacted sharply: Brent crude oil surged over 13%, Indian stock indices BSE Sensex and Nifty dropped over 1.5%, and airline stocks declined amid Middle East airspace closures.LivemintBusinesstoday
  • The International Atomic Energy Agency (IAEA) confirmed damage at Iran's Natanz nuclear site but reported no radiation increase outside the facility.TheguardianAljazeera
  • US President Donald Trump praised Israel's strikes as 'excellent', warned of more brutal attacks if Iran does not agree to a nuclear deal, and urged negotiations.4NdtvCnbc+1
  • The situation remains volatile with ongoing military alerts, diplomatic efforts, and fears of further escalation in the Middle East.3NdtvAljazeera
Key Stats at a Glance
Number of Israeli aircraft involved in airstrikes
200 jets
Timesofindia
Number of Iranian nuclear and military targets hit
100 targets
Timesofindia
Number of Iranian rockets/drones launched in retaliation
100 rockets
Number of munitions dropped by Israel
330 munitions
Number of nuclear scientists killed
6 scientists
Aljazeera
Brent crude oil price increase
13%
Businesstoday
BSE Sensex drop
1,337 points
Businesstoday
Nifty index drop
415.20 points
Businesstoday

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Section 2 background
Other Updates

Market and geopolitical risks rise amid Middle East tensions

I've heard assessments that it would be very difficult for the Iranians to close the Strait of Hormuz, given the presence of the U.S Fifth Fleet in Bahrain.
Helima Croft
Global Head of Commodity Strategy at RBC Capital Markets
Cnbc
This could trigger a prolonged economic and security crisis if conflict escalates further.
Dr. VK Vijayakumar
Market Expert at Geojit Financial Services
English
Key Facts
  • The global oil market is highly sensitive to the conflict, with concerns that disruption in the Strait of Hormuz could push oil prices beyond $100 per barrel.M
  • Despite the sharp rise in oil prices, analysts from Goldman Sachs and Citi expect limited physical supply disruptions in the Middle East for now.Cnbc
  • Airlines worldwide suffered stock declines due to airspace closures and rising jet fuel costs amid the conflict.Livemint
Key Stats at a Glance
Decline in European airline stocks
3%
Livemint
Brent crude oil price gain
8.3%
Livemint
Oil volume passing through Strait of Hormuz
18-20 million barrels per day
M
Percentage of global oil consumption through Strait of Hormuz
20%
M
Section 3 background
Background Context

2023-24 Israel-Iran hostilities escalate with strikes and missile attacks

Israel's military action against Iran is designed to dismantle the Iranian regime's advancing nuclear program. Israel is exercising its sovereign right to defend its people and safeguard the security of future generations.
Amir Maimon
Israel's ambassador to Australia
Abc
Australia is alarmed by the escalation in tensions between Israel and Iran. We call on all parties to refrain from actions and rhetoric that risk further destabilisation.
Penny Wong
Australian Foreign Minister
Abc
Key Facts
  • In 2023, Palestinian militants led by Hamas, backed by Iran, attacked Israel, igniting deadly conflict in the Gaza Strip and escalating regional tensions.Deccan Herald
  • Throughout 2023 and 2024, Israel conducted multiple airstrikes on Iranian military and nuclear sites in Damascus and Iran, including an April strike killing top Iranian commanders.Deccan HeraldTimesofindia
  • Iran retaliated with ballistic missile attacks, firing about 180 missiles at Israel in October 2023, and launched drone attacks escalating hostilities.Deccan HeraldMoneycontrol2
  • Jordan closed its airspace anticipating more attacks, reflecting regional impact of the Israel-Iran conflict.Firstpost
Key Stats at a Glance
Number of ballistic missiles fired by Iran in October 2023
180 missiles
Deccan Herald
Number of drones launched by Iran towards Israel
100 drones
Firstpost
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