Israeli Defense Minister Yoav Gallant says his country "will respond soon" to Iran's massive ballistic missile attack on October 1.

Local media reported that Gallant said "It will be a precise and lethal response" at a meeting with members of a right-wing group on Tuesday.

Israeli Prime Minister Benjamin Netanyahu has reportedly informed US President Joe Biden of a plan to target Iranian military facilities.

The leader of Israel's largest opposition party, Yair Lapid, said in an interview with a local newspaper that, "We should start with the oil fields" to deal a blow to Iran's economy.

The Biden administration is apparently concerned that such a strike could significantly raise crude oil prices and in turn affect the US presidential election in November.

Oil-producing countries in the region also fear that Iran and its allies could attack their facilities.

But Lapid suggested that the impact of a strike would be limited, saying Iran's oil exports have already been "reduced by half," and that it has not sparked a global economic crisis.

Attention is now focused on what Netanyahu will decide to do regarding the targets and timing of a retaliatory strike.