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Oil up, stocks down: Market volatility amid Iran-Israel war

Oil up, stocks down: Market volatility amid Iran-Israel war

The National7 hours ago

In the days since Israel started its offensive against Iran, oil prices have shot up and global markets dipped. Israel has struck nuclear sites and oil fields, and the aggression has left global markets wary of what's to come.
Markets are holding out for the possibility of major supply chain disruptions that could have global impact.
To understand what this war means for the global economy, Business Extra host Salim Essaid hears from The National 's Geo-Economics Editor Manus Cranny, and Colby Connelly, Senior Fellow at the Middle East Institute.

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Liberation narrative That realignment became more explicit in the aftermath of this month's strikes, when Israel's messaging pivoted. No longer framed solely around nuclear non-proliferation, Israel began portraying its operations as part of a broader struggle to liberate the Iranian people from a repressive regime. The narrative emphasises a separation between the Islamic Republic and the Iranian populace, insisting that this is not a war against Iran, but against its rulers. Public campaigns have sought to connect Israel's military actions to the aspirations of ordinary Iranians. Diaspora figures such as Pahlavi and former footballer Ali Karimi have publicly echoed this framing, calling on Iranians to support the downfall of the regime. But despite the clear strategic communications effort, the campaign has failed to capture the domestic imagination in Iran. 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Israeli Prime Minister Benjamin Netanyahu has thus joined the ranks of Saddam Hussein, whose decision to invade Iran in 1980 consolidated Ayatollah Khomeini's precarious position among other revolutionary factions in Iran. It is premature to say whether this unity will last. Iran remains a deeply fractured society with generational, ideological and economic cleavages. But for now, it is clear that the Israeli strikes have not accelerated regime collapse; rather, they might have delayed it. And in the long arc of strategic planning, Israel's most recent operation may be remembered not for what it destroyed - but for what it unintentionally reinforced. The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Eye.

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