Israel launches major airstrikes on Iran, read from the bottom up for the chronology:

Other:

Israel launched a sweeping series of airstrikes across Iran, marking the most significant military operation against the country since the Iran-Iraq War of the 1980s. The strikes, carried out in three five waves (so far), targeted critical nuclear enrichment facilities—including the Natanz complex—as well as key military sites and senior leadership figures.

Among those killed was General Hossein Salami, chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), in what analysts say is a direct strike on the regime’s strategic command structure. Former top security official Ali Shamkhani was also reported injured, though Iran’s Supreme Leader Ayatollah Khamenei is said to be unharmed. The targeting of such high-level figures signals a broadening of the Israeli operation beyond nuclear infrastructure, with the intent to weaken or decapitate Iran’s retaliatory capacity.

Israeli Prime Minister Benjamin Netanyahu stated that operations would continue “until the threat is removed,” indicating this may be the first phase of a longer campaign aimed at degrading Iran’s nuclear and military capabilities. Reports also suggest Israeli sabotage teams are operating inside Iran, intensifying the pressure on Tehran’s command and control networks.

Iran has vowed severe retaliation, warning that both Israel and the United States (I bolded this because despite all the disavowals from the US, they'll be targeted) will “pay a huge cost,” although the U.S. has denied any role in the strikes. In response to the escalation, Washington has locked down its embassy in Tehran, initiated evacuation planning for American citizens in the region, and scheduled a National Security Council meeting led by Trump that will not begin until 11am Friday, US Eastern time.

Oil markets reacted swiftly to the growing geopolitical risk, with both Brent and WTI crude jumping sharply. Traders are now pricing in the potential for prolonged supply disruptions if the conflict escalates into a broader regional confrontation.

Other markets also responded. Yen initially strengthened but USD/JPY has since fully recovered. AUD, NZD, EUR, GBP, CAD are all weaker against the US. Gold is higher, enjoying its 'haven' status. US equity index futures have been been hard hit, both ES and NQ down around 1.5%.

The focus has been, and will continue to be, on oil - Brent crude update:

brent crude israel iran attack wrap 13 June 2025 2
Source: Forex Live