Iran Announces Israeli Drone and Missile Attack Early Today
Israel: "Iron Dome Defense... 99% Interception"
Ministry of Economy Reports Sharp Oil Price Surge...
The government will hold an emergency situation review meeting to respond to risks originating from the Middle East in relation to Iran's retaliatory actions against Israel.
The Ministry of Economy and Finance announced on the 14th that it will hold a meeting to discuss the impact of the recent conflicts centered in the Middle East.
On the night of the 13th (local time), Iran launched an airstrike on Israel using dozens of armed drones and missiles. This occurred about two weeks after Israel bombed the Iranian consulate in Damascus, the capital of Syria, on the 1st.
The geopolitical conflicts in the Middle East have been a factor driving up international oil prices. Recently, Dubai crude and Brent crude have fluctuated around $90 per barrel, heading toward $100.
The oil-producing countries' coalition OPEC Plus (OPEC+) extended its planned daily crude oil production cut of 2 million barrels, originally scheduled until the first quarter of this year, through June. Along with the prolongation of various conflicts, a continued rise in oil prices is expected.
Increases in international oil prices are typically reflected in domestic prices with a lag of about 2 to 3 weeks. Rising fuel costs increase burdens such as transportation expenses, leading to higher prices for consumer goods. This is a factor that raises overall inflation.
The United States is also closely monitoring the Middle East situation. U.S. President Joe Biden convened the National Security Council (NSC) at the White House to discuss response policies to the attacks. Specifically, he stated, "Our support for Israel's security is ironclad," and declared, "The United States will help Israel defend itself against Iran's threats."
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