Trajectory (Escalating): Conflict rapidly escalated from U.S.-Israel military actions against Iran to mutual attacks by Iran and Israel on energy infrastructure in Gulf states.; Iran launched missile attacks on Israel's Haifa refinery (supplying half of Israel's fuel), Qatar's Ras Laffan LNG facility (one of the world's largest LNG hubs), and targets in Saudi Arabia and other countries. Key events: Iranian missile attack on Israel's Haifa refinery (Reuters/Al Jazeera); Iranian attack damages Qatar's LNG export capacity, impact may last 3-5 years (Al Jazeera) Watch: Monitor whether the conflict further spills over into Strait of Hormuz shipping, and whether Saudi Arabia and other Gulf states