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An escalation of fighting between Israel and Iran could cause oil prices to spike and send a chill through the global economy.

Iran’s missile attack on Israel has raised fears of a wider regional war.Amir Cohen/ReutersWhat will Israel and Iran do now?

Oil prices are up again this morning after Israel vowed to retaliate against Iran for firing a barrage of ballistic missiles at the country, reviving fears that global energy supplies could be disrupted by full-scale war in the Middle East.

The big question now is how Israel and Iran will respond, and whether those actions would clamp down on oil flows from the region.

A recap: Prime Minister Benjamin Netanyahu said Iran had “made a big mistake tonight” and would “pay for it,” after Tehran fired a wave of missiles at the country that Iran said were aimed

Keep reading this article on The New York Times Business.

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