How will Iran's weekend attack on Israel affect gas prices? Here's what we know

Iran launched hundreds of missiles and drones toward Israel in an unprecedented attack Saturday, marking the first time in history Iran fired an attack on Israel from their own soil.

The attack came in response to an Israeli airstrike earlier this month on an Iranian consulate building that killed seven Iranian military officials.

The suspected Israeli airstrike on Iran’s embassy in Damascus, Syria on April 1 killed seven Revolutionary Guards officers including two senior commanders.

The move by Iran marks the most recent escalation in an inflamed Middle East that has been building for half a year − ever since Hamas' Oct. 7 attack in Israel detonated a retaliatory war against the militant group in the Gaza Strip.

What happened?

More than 300 projectiles were launched overnight from Iran and proxy locations in Yemen, Syria and Iraq, 99% of which were shot down, according to Israeli military spokesperson Rear Adm. Daniel Hagari. Minor damage to a military base in southern Israel was reported by officials, as well as an injured 10-year-old who was reportedly in critical condition after getting hit with shrapnel.

Israel's anti-missile defense system intercepted many attacks that could be seen primarily over areas surrounding Tel Aviv and Jerusalem.

In anticipation of the attack, Israeli officials told residents living in communities near Gaza and the Lebanon border to gather in limited numbers and to stay indoors or nearby a shelter. Schools were closed through Monday. U.S. defense officials also said that the U.S. military had moved aircraft and other assets to increase defensive positions around the area.

Israeli Prime Minister Benjamin Netanyahu addressed his country Saturday night and said the nation was ready "both defensively and offensively" for the attack that was staged in waves and took hours to reach Israel, according to officials.

How did U.S. and other countries respond?

The White House released a statement Saturday from U.S. President Joe Biden that said U.S. forces had helped Israel take down nearly all the drones and missiles. Biden also said he would meet with G7 allies Sunday afternoon to organize a diplomatic response and engage with Middle East officials.

After speaking with Netanyahu, Biden said Israel "demonstrated a remarkable capacity to defend against and defeat even unprecedented attacks – sending a clear message to its foes that they cannot effectively threaten the security of Israel."

U.S. Defense Secretary Lloyd Austin and Secretary of State Antony Blinken have said the U.S. does not seek further conflict with Iran.

The United Nations Security Council is set to meet Sunday to address the attack. The Israeli ambassador to the UN requested the emergency meeting in a letter Saturday, and requested the council condemn the attack and designate the Iranian Revolutionary Guard Corps as a terrorist organization.

Hamas expressed their support for the Iranian attack in a Telegram post on Sunday calling the missile launch a "natural right" and a deserved response to an Israeli airstrike on an Iranian consulate in Syria earlier this month.

Why did Iran attack Israel?

After a suspected Israeli airstrike attack killed seven members of the Iranian Revolutionary Guard Corps at an Iranian consulate in Syria on April 1 Iran vowed to retaliate almost a week later. According to Israeli officials, Saturday was the first time Iran launched a direct attack on Israel from Iranian territory.

In a post on X, formerly Twitter, Iran's permanent mission to the United Nations stated that the attack was a direct response to the attack on the consulate and now, "The matter can be deemed concluded." However, the post threatened a larger attack should Israel retaliate and warned of U.S. involvement in Israeli or Iranian military action.

The Saturday attack has increased concern on the war in Gaza with many questioning if the attack will lead to wider conflicts in the region. Iran support extends to Hamas through the "Axis of Resistance," which is an alliance of Iran-backed paramilitary groups across the Middle East including Hamas, Hezbollah and the Houthis.

In the past, Israel has said that Iran supports Hamas with around $100 million per year, and in 2021 the U.S. State Department said Hamas had received funding, weapons and training from Iran for years. Since the attack on Oct. 7, experts have said that Hamas has been operating largely on its own.

Will gas prices go up?

Following the attack, analysists said they are anticipating oil prices to rise Monday, but just how much depends on how Israel and U.S. choose to respond, according to reporting from Reuters.

The global benchmark Brent crude oil rose to the highest price it's been since October, $92.18 per barrel, on Friday helped in part by widespread concern of an Iranian attack.

Tamas Varga of oil broker PVM said "However fierce and painful the initial market reaction will be, the rally could prove to be short-lived unless supply from the region is materially disrupted."

UBS analyst Giovanni Staunovo said the G7 meeting Sunday will be monitored to see if the leaders target Iranian crude exports as a part of their diplomatic response to the attack.

This article originally appeared on Arizona Republic: How will Iran's attack on Israel affect gas prices? Here's what we know