In many ways, it’s conceivable that Israel's Operation Rising Lion will alter the military balance of power in the Middle East more so than the 1991 Persian Gulf War.

The missile and air war that Israel and Iran have spent decades planning for has come, and it is spectacular and terrifying. Israeli officials say they need at least two weeks to degrade Iran’s nuclear and missile capabilities.

War risk insurance premiums for shipments to Israel are as much as three times higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday.