Iran-Israel Ceasefire Collapses as Beirut Strike Triggers Missile Exchange and Oil Price Surge
The ceasefire between Israel and Iran has ended. Following an Israeli airstrike on the southern suburbs of Beirut, the Iranian military launched ballistic missiles at Israel; in retaliation, Israel struck the Karun Petrochemical Plant in the southwestern city of Mahshahr. The renewed conflict between Iran and Israel had an immediate impact on the global economy, with Brent crude oil prices rising by approximately 5% following the attack. On Sunday, the Israel Defense Forces (IDF) conducted an airstrike targeting a residential building in the southern suburbs of Beirut—despite a US request not to attack the Lebanese capital—leaving several people reportedly injured. Iran fired multiple ballistic missiles at targets within Israel In response to the bombing in Beirut, Iran fired multiple ballistic missiles at targets within Israel. Iran has repeatedly insisted that any ceasefire must encompass all regional fronts, including Lebanon. The Israeli Air Force launched a retaliatory strike on the Karun Petrochemical Company in Bandar-e Mahshahr, Khuzestan province; while the region’s deputy governor, Valiollah Hayati, confirmed the attack, emergency evacuations were initiated, and no casualties were reported.