ISRAELI AIRSTRIKES ON IRAN. OIL UP 7% ! 1. Israel conducts airstrikes on Iran. 2. This has been further validated by headlines reporting successive explosions in Tehran from Iranian news outlet Nour news 3. Israel Minister of Defence Katz has declared a state of emergency due to pre-emptive strike against Iran 4. Trump is convening a cabinet level meeting, reports CNN 5. Markets turn sharply risk-off. US treasury yields rise, S&P e-minis slide over 1%. Gold shoots up 0.7%.