Israel on Friday initiated strikes against Iranian military targets. This move comes as a response to Tehran’s attacks on Israel, marking a significant escalation in Middle East tensions.

What Happened: The Israel Defense Forces (IDF) confirmed on X that they were executing precise strikes on military targets in Iran.

This action is a direct retaliation to Iran’s ballistic missile attack on Israel on Oct. 1, during which approximately 200 missiles were launched at Israel. This marked Iran’s second direct attack on Israel within a six-month period.

“In response to months of continuous attacks from the regime in Iran against the State of Israel – right now the Israel Defense Forces is conducting precise strikes on military targets in Iran,” The IDF said.

Israel asserts that it has the right and obligation to respond to attacks from Tehran and its proxies, which have included missile strikes launched from Iranian soil.

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Iran’s state TV reported several powerful explosions in the capital, Tehran, and the nearby city of Karaj. According to unnamed Iranian intelligence officials, these explosions are speculated to have been the result of the activation of Iran’s air defense system, according to Reuters.

The U.S. was informed of Israel’s strikes but was not involved in the operation. The U.S. is working to prevent further escalation of the conflict, the report said.

Why It Matters: The recent escalation follows Iran’s missile attack on Israel on Oct. 1, which was in response to the killing of Hassan Nasrallah, the leader of Iran-backed Hezbollah. The U.S. had warned of an imminent attack in the region, leading to increased tensions.

Israeli Prime Minister Benjamin Netanyahu had promised retaliation for the missile attack, while Iran warned of “vast destruction” if Israel retaliated. The U.S. has been pushing for a cease-fire as Israel continues its military offensive in Gaza and Lebanon.

Meanwhile, the extent of the damage in Iran remains unclear.

The United States Oil Fund, LP USO rose by 1.2% in after-hours trading, with oil prices climbing 9% since Sept. 10 as traders factor in global political risks. Historically, oil prices have surged briefly in response to similar events, only to fall back once it’s evident that physical supply remains unaffected.

This attack unfolded after major global markets had closed.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.