Early in Asian trading, oil prices experienced a decline following Iran’s retaliatory strike on Israel during the weekend. Despite this, Brent crude, a crucial global oil price benchmark, remained lower but hovered around $90 per barrel on Monday morning.

The UN chief has warned that it is time to “step back from the brink” after Iran attacked Israel late on Saturday. UN Secretary-General Antonio Guterres told the UN Security Council that people in the Middle East face the danger of a devastating full-scale conflict.

The US has told Israel it will not participate in any retaliatory strikes on Iran, according to senior administration officials. Over 300 drones and missiles were fired at Israel overnight, which Iran said was in response to the strike on the Iranian consulate in Syria. 

Booms and air raid sirens sounded across Israel early Sunday after Iran launched hundreds of drones, ballistic missiles, and cruise missiles in an unprecedented revenge mission that pushed the Middle East closer to a region wide war. A military spokesman said the launches numbered more than 300 but 99% of them were intercepted.

Iranians were torn between a fear of war and pride at Iran’s military capabilities, after Tehran’s unprecedented attack on Israel in retaliation for the deadly strike on its Damascus consulate.

Israel celebrated a major victory on Sunday as it successfully defended itself against an unprecedented…