Israel has launched a bold attack on Tehran as Iran retaliates with missile salvos, marking a significant escalation in Middle Eastern tensions.

The situation raises concerns about global oil markets and could influence Federal Reserve rate decisions.

Investors are flocking to safe havens amid the chaos, showcasing the economic ripple effects of geopolitical instability.

Key updates:

• Israel targets Iranian positions.
• Iran responds with missile fire.
• Market reactions show a shift towards oil and safe assets.

Here's the full scoop.