Iran is preparing an imminent ballistic missile attack against Israel: US official

Iran is preparing to launch an imminent ballistic missile attack against Israel, a senior White House official said, according to multiple reports.

"We are actively supporting defensive preparations to defend Israel against this attack," the official said in a statement, according to Axios. "A direct military attack from Iran against Israel will carry severe consequences for Iran."

The warning of a potential attack comes after Israeli forces battered Hezbollah locations in Lebanon and raided across the border in ground operations against the militant group.

Bond yields and stocks tumbled on the news, with major US equity indexes falling more than 1%. Safe haven assets like gold surged, as did oil prices, which rose on speculation the conflict could limit production.

This is a developing story. Please check back for updates.