Israel launched an attack that struck the South Pars petrochemical facilities in Asaluyeh in southern Iran. A report from Axios said it was coordinated and approved by the US.

In response, Iran said it will warn Gulf allies that a response is coming. A Fars report said “Iran will hit enemy sites that were previously thought as safe”. Al Jazeera said Israel is now targeting civilian infrastructure in a “major escalation”.

Brent crude is up 4% in the aftermath of the attack with prices hitting $108.10.

In turn, S&P 500 futures are down 35 points and the US dollar strengthening.