Iran, Israel and nuclear
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Israel has launched a series of strikes against Iran, targeting the country’s nuclear program and other military infrastructure. Iran has launched its own strikes in retaliation.
New targets appear to indicate an expansion of Israel’s war aims beyond the Iranian nuclear facilities that consumed the first days of the conflict.
An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.
Keep an eye out for signs of labor-market weakness, as well as the risk that rising oil prices could put more upward pressure on inflation.