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(Bloomberg) — Israel and Iran exchanged missile strikes on Monday despite President Donald Trump’s calls for both sides to halt the fighting and give peace talks a chance to succeed.
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Iran launched a fresh wave of attacks just hours after firing ballistic missiles at Israel on Sunday. Israel responded with strikes on military targets in western and central Iran, while Iranian state media reported multiple explosions in the capital, Tehran.
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Israel also struck Iran’s Karun petrochemical company in Mahshahr in a fresh offensive early Monday, the semi-official Fars news agency reported.
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Iran’s offensive is a rare example of Tehran coming to Hezbollah’s defense and the most serious challenge yet to a ceasefire that took effect on April 8, halting a war that began in February when the US and Israel started bombing Iran. The conflict left thousands of people dead across the Middle East, disrupted global energy flows and spurred a rally in oil prices that’s stoking fears of a surge in global inflation.
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The latest bout of violence continued despite Trump on Sunday urging both countries to refrain from further attacks, warning that a renewed escalation could derail efforts by Tehran and Washington to secure a new, 60-day truce. The proposal would pave the way for negotiations on a broader agreement aimed at ending the conflict permanently.
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The tit-for-tat strikes risk leading to further escalation across the region. Saudi Arabia on Monday sounded a missile alert in an area home to the Prince Sultan Airbase, which hosts US forces, the Associated Press reported.
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Saudi Civil Defense said the “danger has passed” in the Al-Kharj governorate following an earlier public warning. Iran denied targeting the base.
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Oil jumped after the flare up, with Brent crude rising 4% to above $97 a barrel. The US dollar, the haven of choice since the Middle East conflict began, gained against all of its Group-of-10 peers.
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In a phone call with Israeli Prime Minister Benjamin Netanyahu on Sunday, Trump told him not to retaliate against Iran’s missile attacks and to allow more time for diplomacy, Axios reported, citing a senior US official and an Israeli source familiar with details of the call.
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Separately, the US president told the Financial Times that his Israeli counterpart would have to accept any deal the US reaches with Iran.
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“I call the shots. I call all the shots,” Trump said. Netanyahu “doesn’t call the shots.”
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The latest strikes follow an escalation between Israel and Hezbollah. Early Sunday, the Lebanese militia attacked targets in northern Israel, prompting a strike by the Israeli military in Beirut’s southern suburbs, killing two people and injuring 11.
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Mohsen Rezaee, a military adviser to Iran’s supreme leader, told the semi-official Iranian Students’ News Agency that Sunday’s missiles toward Israel were a “warning to cease their hostile actions” in Lebanon.
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