A day after the attack, the Iranian military vowed a “decisive strike” in response. From choking vital oil routes such as the Strait of Hormuz to managing nuclear fallout and a global recession, the economic risks of the crisis could be unprecedented. Oil prices surge amid disruption fears. The Israeli attack on Iran 's nuclear program and military assets and Iran 's responding missile strikes represent a significant escalation in the long-standing tensions between the two nations. RAND experts provide insights into the strategic, diplomatic, and economic dimensions of this unfolding crisis. Iran ’ s prewar economy was beleaguered , while Israel’s showed signs of recovery. Both have struck industrial targets, yet neither so far seems bent on systematically degrading important. As Israel and Iran exchange deadly salvoes for a fourth day, there are growing concerns that the conflict will spread across one of the world’s key oil- and gas-producing regions. This Update outlines potential outcomes of the Iran - Israel conflict and teases out the implications for the region, the global economy and commodity and financial markets. Israel vs Iran Military Power : In the tumultuous landscape of the Middle East, two nations stand out for their military might and strategic importance: Israel and Iran. Both countries boast formidable armies, advanced air forces, and, in the case of Iran, a controversial nuclear program. There has been a significant escalation in tensions between Israel and Iran since Israel ’s missile attack on Tehran on June 13. This occurred amidst the ongoing U.S.- Iran talks on a nuclear deal, with talks scheduled for last Sunday in Oman being canceled.
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