Global shares have advanced and oil prices have fallen back slightly as Iran unleashed a fresh wave of missile attacks on Israel early Monday. Israel’s attack on Iranian nuclear and military targets caused the price of oil to surge more than 7% on Friday since Iran is one of the world’s major producers of oil,

Iran and Israel continued trading fire in a fourth day of armed escalations. "The residents of Tehran will pay the price, and soon," Israeli Defense Minister Israel Katz pledged following reported Iranian strikes against Tel Aviv and Haifa.

Salem predicts that this attack may push Iran to make a deal with the U.S, "the outlines of which might be that Iran accepts to forgo enrichment inside Iran, with a big deal with the U.S. and the U.S. lifts sanctions on Iran and that could obviously lead to a sudden and rapid decline in oil prices, so one has to keep that in mind."