Israeli Prime Minister Benjamin Netanyahu is vowing retaliation for Iran's attack against Israel, saying, "Whoever attacks us, we will attack them." Iran's strike is the latest in a series of escalating moves in the region, threatening a wider conflict in the Middle East.

The Washington Note founding editor Steve Clemons joins Catalysts to discuss the conflict and how it may impact both the United States and global economy.

"The United States is firmly supportive of Israel's right to defend itself. It was informed by Israel of the attack on Hassan Nasrallah, the head of Hezbollah, before it went forward. And there's a very, very tight relationship. And, of course, the United States is supplying much of the weaponry that Israel is using in these exercises, in these efforts to basically rid itself of some of these challenges," Clemons tells Yahoo Finance.

He notes that Netanyahu is "using the instability of this moment to go after some of Israel's deepest and biggest enemies." While the White House has urged Netanyahu not to widen the conflict, the prime minister is "pretty much ignoring Joe Biden." Thus, Clemons explains that the Biden administration has been put into a position where the only option it has is to stand behind Israel in support.

He adds that Israel and Iran are in a "tit-for-tat escalation" at the moment, as both sides are trying to prove that "they're not going to take it from the other side." While Iran has announced that its attack is over, Israel will likely retaliate. If Israel were to attack Iran, it could cause global concerns about oil supply, as it is a major producer.

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