The exchange of blows certainly don't seem to indicate that this is just a limited salvo. If anything, it reads as something that could escalate further. I guess that explains the more direct response by Iran earlier here.Iran state media is now reporting that Israeli strikes from earlier has damaged its Karoon Petrochemical plant in the Mahshahr zone. It's not the first time that the area has been impacted by regional conflicts but Israel being the one to stir the pot now is making it even tougher for any deal to be struck between the US and Iran.The Karoon Petrochemical complex is one that produces essential chemicals for manufacturing flexible foams and rigid foams. Think care seats, mattresses, insulation, etc. in terms of what type of industries that it could impact. For one of those chemicals, namely toluene diisocyanate (TDI), Iran is the only regional producer so this will impact more so the domestic market in the Middle East. As for global supply, Iran's exports of the chemical make up less than 2% of the total market so the impact is less profound.Circling back to the attack, the strategic hit by Israel certainly shows that this is not something to take lightly. And Iran is responding in kind, which doesn't really bode well for the overall mood as we get the new week underway. This article was written by Justin Low at investinglive.com.