On April 13, 2024, Iran launched over 300 drones and missiles towards Israel in an unprecedented attack. The Israeli military successfully intercepted most of the projectiles, causing minimal damage and no injuries. In response to this provocation, Israel's war cabinet has endorsed retaliatory action against Iran. This decision increases the likelihood of further conflict between the two nations and potential disruptions to energy supplies.
The attack came after Israeli forces killed several Iranian militants in Syria on April 1. The United States warned of an imminent Iranian response, leading to a rise in oil prices as markets anticipated potential disruptions to energy supplies.
Iran is already subject to heavy sanctions, leaving fewer avenues for further penalties. President Biden's aides are considering economic sanctions against Iran but face limited options without antagonizing China or risking a spike in oil prices. The European Union, International Monetary Fund, and World Bank are also holding their spring meetings in Washington, D.C., where leading Western officials discussed potential economic responses to Iran.
Israeli Prime Minister Benjamin Netanyahu reportedly urged President Biden to 'take the win' after the successful defense against the Iranian attack. However, Biden himself would also like to take a victory as this first overt shootout between Israel and Iran did not cause significant damage or disruptions.
The United States, Israel, and their allies in the Middle East are working together to build a global and regional alliance against Tehran. The House of Representatives has passed three bills aimed at imposing financial penalties on Iran and its supporters. These bills include termination of tax-exempt status for terrorist-supporting organizations, disruption of Chinese purchase of Iranian oil, and cutting off the Iranian government from using the U.S. financial system.
Iran is a global and regional problem that poses a threat to Israel and other countries in the Middle East. The international community must act against it militarily and impose sanctions to stop its aggression.