Israel's military forces carried out airstrikes in various regions in Iran at around 1:00 BST, (5:30 a.m. IST) on Friday. Blasts were reported near nuclear facilities, military sites, the residences of senior-ranking military commanders, and nuclear scientists as well as residential civillian areas, according to various reports from Israeli and Iranian media.
Iran, in turn, launched "approximately 100 unmanned aerial vehicles towards Israeli territory", according to a statement from the Israeli Defence Forces spokesperson.
NDTV Profit covers the entire timeline of the escalation from its background to its potential consequences:
Background Of The Escalation
The genesis of this military escalation can be traced back to Iran failing to meet the International Atomic Energy Agency's guidelines regarding transparency over all of the country's nuclear activities and the verified assurance that they were being solely used for peaceful purposes.
The UN nuclear body's board of country representatives held a vote for the resolution to resume sanctions on Tehran due to this lack of compliance.
The resolution was put forward by the United States of America, United Kingdom, France and Germany.
It was voted for by 19 countries and opposed by China, Russia and Burkina Faso.
Iran responded by announcing plans to create new nuclear enrichment facilities, which was met with opposition from the White House with US President Donald Trump warning a potential "massive conflict", if Iran went ahead with its plans.
Military Escalation
Israel launched a military strike against Iran that it dubbed 'Operation Rising Lion', which was intended to target various nuclear sites and military infrastructure within Iran.
The IAEA nuclear body reported that Iran's Natanz nuclear facility had been hit, with no increase in radiation levels, according to reports corroborated by Iranian state authorities.
Other places that were targeted include the nuclear sites of Khondab and Khorramabad as well as military sites, and the residences of high ranking military officials, according to local media in Iran.
Iranian state media also reported that Iran's Revolutionary Guard Hossein Salami, nuclear scientists Fereydoon Abbasi and Mohammad Mehdi Tehranchi as well as Iranian civillians were killed by the strikes.
The IDF reported that it had killed Iranian Armed Forces Chief of Staff, Major General Mohammad Bagheri through its strikes.
The White House denied its involvement in the strikes.
Iran launched around a 100 UAV drones at Israel shortly after, with the IDF reporting that all the drones were intercepted.
Impact Of Israel-Iran Conflict
The global economic impact as of 2:00 p.m. on Friday, included a rise in oil prices, with Brent hitting $76 and falling back to $72, going up by 4%.
US futures fell and S&P contracts dropped 2% and recovered 1% lower. The US 10-year yield also fell to 4.316% and recovered slightly to 4.351%. Gold rose 2% and later cooled to 1.6% higher.
Economic Ramifications If Strait Of Hormuz Is Closed
Given the rising tensions, there are fears that Tehran will close off the Strait of Hormuz, which is a crucial trading route.
The shipping routes passing through the Strait of Hormuz could be hit by the strikes.
With one-third of global seaborne oil moving through the strait, it is the primary route for the export of liquified natural gas from Qatar and United Arab Emirates. This makes up 20% of global LNG trade.
On the domestic front, two thirds of India’s oil and half its LNG imports move through this route.
The most immediate externality of the attack would be crude prices increasing significantly. Insurance and shipping costs may also increase.
Stock Impact
If crude prices surge as a result of the attacks, this would affect many stocks across various crude dependent industries as follows.
Companies such as Petronet LNG Ltd., Indraprastha Gas Ltd., and Mahanagar Gas Ltd. may face pressure on margins due to crude prices climbing.
Polyplex Corp., UFlex Ltd. ,and Jindal Poly Films who depend on polymers like polyethylene and polypropylene, which are direct crude derivatives may face headwinds.
Paint companies like Asian Paints Ltd., Kansai Nerolac Paints Ltd., Indigo Paints Ltd., and Berger Paints India Ltd. may have to invest more in production since crude makes up 30-35% of raw material prices.
Similarly Apollo Tyres Ltd., JK Tyres And Industries Ltd. and CEAT Ltd. might face similar issues due to crude derivatives making up 30-35% of raw material for tyres.
Aviation enterprises such as IndiGo operator InterGlobe Aviation Ltd. and SpiceJet Ltd., may also face financial expenses due to Aviation Turbine Fluid also getting pricier due to crude.
Crude derivatives also make up 40-50% of the raw material cost for lubricants, which may adversely impact Gulf Oil Lubricants India Ltd. and Castrol India Ltd.
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