Amid escalated Israel-Iran tensions after Tehran's October 1 missile attack on Israel, the IDF's October 26 airstrikes targeted Iranian military bases and missile facilities near Tehran and western provinces, explicitly sparing energy infrastructure like Kharg Island—the Persian Gulf terminal handling over 90% of Iran's sanctioned oil exports—to curb escalation and prevent global oil price surges. U.S. diplomatic pressure reinforced this restraint, with benchmarks like Brent crude holding steady post-strikes. Iran issued verbal retaliation threats but no major counteraction. Traders eye proxy risks from Hezbollah or Houthis, potential further diplomacy via UN channels, and any signals of de-escalation or renewed barrages that could shift strike probabilities before year-end.