Key Takeaways
- Iran’s IRGC launched "Wave 93" of "Operation True Promise 4," utilizing cluster missiles and drones to target Tel Aviv and central Israel.
- U.S. gasoline prices have surged 38% since the start of military operations in Iran, with the national average climbing as the Strait of Hormuz faces significant disruptions.
- An Israel-linked vessel is on fire in the Strait of Hormuz following a drone strike by Iranian naval forces, further threatening global energy supply chains.
- Shrapnel from Iranian cluster rockets fell in seven locations across central Israel, including a direct hit on a building in Bnei Brak for the second time.
- Israeli forces conducted retaliatory raids in southern Lebanon, targeting the towns of Kafr Tibnit and Meidoun as the conflict broadens into a multi-front regional war.
The Islamic Revolutionary Guard Corps (IRGC) intensified its military campaign against Israel on Saturday, launching what it described as a "wide-ranging operation" involving naval and air forces. Dubbed "Wave 93" under the broader "Operation True Promise 4," the strikes utilized a combination of solid and liquid-fuel long-range missiles and suicide drones. Targets included strategic military positions and urban centers within the "occupied territories" and West Asia.
In central Israel, the Israeli Home Front Command activated early warning alerts for Greater Tel Aviv following the detection of multiple launches from Iran. Israel's Channel 12 reported that Iranian cluster missiles targeted the metropolitan area, with Israeli Radio confirming that shrapnel fell in at least seven different locations. A building in Bnei Brak was reportedly hit for the second time, marking a significant breach of urban air defenses.
The maritime sector faced immediate fallout as the IRGC Navy confirmed it stopped and hit an Israel-linked vessel in the Strait of Hormuz. The ship was reportedly struck by a drone and remains on fire, according to Iranian state media. This escalation in the world’s most vital oil chokepoint has sent shockwaves through energy markets, with analysts warning of a potential total blockade of the waterway.
Economic data released by the American Automobile Association (AAA) highlights the domestic impact of the conflict, noting that gasoline prices have risen by approximately 38% since military operations in Iran began on February 28. The spike in fuel costs is weighing heavily on consumer sentiment, benefiting energy giants like Exxon Mobil (XOM) and Chevron (CVX), while the United States Oil Fund (USO) continues to see high volatility.
On the northern front, the Israel Defense Forces (IDF) carried out two raids on the Lebanese towns of Kafr Tibnit and Meidoun. These strikes come as an advisor to Iran’s Supreme Leader stated that Tehran has been "preparing for this battle for years," suggesting that the current wave of "surprises" is part of a long-term strategic offensive. Defense contractors such as Lockheed Martin (LMT) and RTX Corporation (RTX) are seeing increased attention as regional demand for advanced missile defense systems like the Iron Dome and Arrow-3 reaches critical levels.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.