On Saturday night, Iran launched 300+ drones and missiles toward Israel in retaliation for an attack on an Iranian consulate earlier this month. Israel’s cutting-edge Iron Dome defense system largely intercepted the barrage of projectiles — leading to a state of “uneasy calm” in the markets. World leaders are urging Israel’s war cabinet to show restraint.

• Oil prices dropped over 1% yesterday as investors bet against a wider conflict erupting in the Middle East.
• Despite the tension, oil prices have stayed steady since Hamas invaded Israel in October — partly due to the US and Canada producing more oil than ever before.

All eyes on Israel: Although Iran claims the recent attack was a one-and-done, Israel has vowed to “exact a price” — with its war cabinet meeting on Monday to discuss options. If Israel does retaliate, President Biden has stated the US won’t participate — in hopes of de-escalating tensions and avoiding chaos in markets.

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