Iran Emerges From Shadows With Direct Strike In Iraq

Iran has launched a missile attack on a site in Iraq, alleging it to be an Israeli espionage base, marking its direct involvement in the Israel-Hamas conflict.

Focused on the city of Ibril in the semi-autonomous region of Kurdistan, four civilians were reported to have been killed in the attack, and six wounded.

It was the first overt military action from Tehran — even though Iran has already been backing Hamas and Yemeni Houthi rebels, and their campaign to disrupt shipping in the Red Sea. Until now, Iran’s involvement had been limited to rhetoric and deploying a ship to the Red Sea.

Iran Explains Response — World Condemns It

Iran said it was acting in response to the Israeli “assassination of a number of commanders of the IRGC and the resistance front,” referring to the alliance of militias that it backs, including Hamas and Hezbollah.

On Tuesday, the country’s foreign ministry said the attack was just a part of its response to those who threaten its security — suggesting it could become more deeply involved, although it has previously stated it wouldn’t participate in a wider conflict.

The attack was met with a deluge of condemnation. The U.S. called it a “reckless and imprecise” response, while Iraq — whose ambassador was recalled from Tehran — said it was a “blatant violation of sovereignty.”

The UN mission in Iraq added: “Attacks, by any side, violating Iraqi sovereignty and territorial integrity must stop.”

Also Read: Shell Suspends Red Sea Shipments As Yemen’s Houthi Strikes Intensify: ‘An Attack On The Global Economy,’ Blinken Says

Markets Little Affected

Stock markets across the world moved a little lower in response. The S&P 500 was down 0.2% in morning trading, while the SPDR S&P 500 ETF (NYSE:SPY) which tracks the index lost 0.4%.

Oil markets appeared to show little impact. Both Brent Crude and Nymex WTI were around 0.4% lower in morning trading, while the United States Oil Fund (NYSE:USO) an exchange traded fund that tracks the price of light-sweet crude, fell 0.6%.

“For commodity markets, the increased tension poses supply risks, with energy markets most vulnerable. However, for oil and LNG, we are not seeing any fundamental impact on supply yet,” said Warren Patterson, chief commodity strategist at ING.

Nor was there any sign of…