It’s far too early to make sweeping pronouncements about the path of the conflict between Israel and Iran. But investors can take comfort from the fact that, so far, the Iranian response has been limited to the option with the fewest implications for markets.
As we suggested on Friday, Iranian attacks on either US military installations in the Middle East or Saudi oil infrastructure would have taken this conflict to a different, more worrying place. But the cash-strapped and largely friendless Iranian government seemingly has no appetite for that. Indeed, its appetite for direct retaliation against Israel may also be limited. BCA Research chief strategist Marko Papic says the regime has about 2000 ballistic missiles and is firing 200 of them a day.
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