Israel's conflict with Iran is reaching its climax, a ballistic missile showdown could be imminent, or perhaps something more asymmetrical and covert.

IsraelPrime Minister Benjamin Netanyahu decides how he wants to take revenge IranThe multiple missile attack on October 1st this year.

But the plan is secret. In a video address on Sunday morning, Benjamin Netanyahu warned his ministers: “Say little, do a lot.”

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Sources have told Sky's US affiliate NBC that the Israelis are focused on plans to target military and energy infrastructure. An attack on Iran's alleged nuclear weapons program is now considered unlikely.

An attack on Iran's oil facilities could have massive consequences far beyond the Middle East – both economically and politically.

Iran has warned it would retaliate with attacks on Gulf facilities, which could lead to a sharp rise in the price of crude oil, with potentially catastrophic consequences for the global economy.

Higher oil prices could in turn cause pump prices to rise sharply in the final weeks before the U.S. presidential election, potentially improving Donald Trump's chances of re-election – an outcome that Benjamin Netanyahu would welcome.

But for now, the Israelis are keeping the world in the dark about when and how exactly they will attack Iran. They may also choose a less obvious option.

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Israel is believed to have penetrated deep into Iran using intelligence resources. A covert attack on its infrastructure or government is possible.

A development could provide clues as to the timing. The US is reportedly negotiating with Israel to deploy another advanced missile defense system called THAAD.

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The system would provide Israel with invaluable additional protection if Iran strikes back again. However, the operation is not yet complete, suggesting that an Israeli operation may still be days away.

THAAD requires 95 soldiers per battery. That would mean that American troops would be stationed in Israel for the first time in this war.

As frustrated as the Biden administration may be with the Netanyahu government on multiple fronts, militarily it continues to stand side by side with its ally.