(Bloomberg) — Benjamin Netanyahu has vowed to take revenge on Iran after it fired about 200 ballistic missiles at Israel in a serious escalation of hostilities between the adversaries that world powers fear could spiral into a war across the Middle East -East.
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The barrage began around 7:30 PM Israel time on Tuesday, hours after the US warned that an Iranian attack was imminent. The Israeli military said most of the rockets were intercepted and reports indicated that only one person, who was in the West Bank, was killed.
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The US, whose warships helped shoot down the projectiles, also said the attack “appears to have been defeated and ineffective.”
Yet the salvo was even more dramatic and dangerous than the barrage of 300 missiles and drones that Iran fired into Israel in April. This time, Tehran gave fewer warnings and its missiles penetrated much deeper into Israeli territory, hitting cities such as Tel Aviv and Hod Hasharon and lighting up their night skies.
Iran said its latest move was in retaliation for Israel’s devastating attacks on Lebanon-based Hezbollah, Tehran’s main militant group. On Friday, Israel killed Hezbollah leader Hassan Nasrallah in an airstrike on Beirut. That came after days of intense bombing that killed several of the group’s commanders, as Israel stepped up its campaign on Monday evening by sending troops into southern Lebanon.
Iran said on Tuesday that it targeted military targets and that the operation was a success. State media claimed that 90% of the rockets hit their targets, something the initial US and Israeli analysis found incorrect. Crowds gathered in some parts of Iran to celebrate.
“Iran made a big mistake tonight and it will pay for it,” said Netanyahu, the Israeli prime minister. “The regime in Iran does not understand our determination to defend ourselves and our determination to take revenge on our enemies.”
Israel’s response could come within days and possible targets include Iran’s oil infrastructure and military bases. The Islamic Revolutionary Guard Corps threatened new “crushing” attacks if Israel bombed Iran.
The US says it is “well positioned” to defend Israel against Iranian threats and has said there will be “serious consequences” for Tehran over Tuesday’s attacks.
In April, Israel hit back at Iran with a limited attack on an air base in Isfahan that caused little damage. This time there is enough pressure within Israel for Netanyahu to respond more forcefully.
Oil prices, gold and US Treasuries rose late on Tuesday as the US said Iran was preparing an attack, although they later pared some gains as it became clear the barrage in Israel had caused few casualties. Brent crude rose another 1.5% to nearly $75 a barrel in early trading on Wednesday. The price is still down substantially over the past six weeks, indicating that traders do not believe there will be major supply disruptions in Iran or other parts of the oil-rich Gulf.
The attacks were the latest escalation of a wider conflict that began when Gaza-based Hamas attacked southern Israel on October 7 last year, killing 1,200 people and kidnapping 250.
Israel’s subsequent offensive on Gaza killed 41,000 people in the Palestinian territory, according to the Hamas-led Health Ministry. That has led to widespread anger against Israel in the Middle East and other parts of the world.
Hezbollah began attacking Israel on October 8 in solidarity with Hamas. Both groups are supported by Iran and are considered terrorist organizations by the US.
In recent weeks, Israel has shifted its main focus from Gaza to Hezbollah on the northern front and Lebanon. Last month, the country escalated clashes against Hezbollah with a series of attacks on the group, wiping out almost its entire leadership and a significant portion of its stockpile of missiles and other weaponry.
Netanyahu has said Israel was forced to take more aggressive action against Hezbollah as diplomatic efforts by the US and France, among others, failed to stop the missile and drone attacks. Israel also wants to enable tens of thousands of displaced civilians to return to their homes in the north.
The European Union, which like the U.S. has had little success in controlling or ending the fighting in Gaza or Lebanon, said “successive waves of attacks and retaliation have fueled an uncontrollable spiral of conflict.”
The US has strengthened its military posture in the Middle East in recent days. The Pentagon said Monday it would send several thousand additional troops and fighter squadrons to the region.
–With help from Galit Altstein.
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