The Saturday strikes on Iran jointly led by US and Israeli forces, which reportedly killed Supreme Leader Ayatollah Ali Khamenei and around 40 senior Iranian officials, continue unabated, stoking concerns of a broader war in the region.
The conflict has sent shockwaves across the world, shutting down airspaces, plummeting airline stock, hiking up crude prices, and leading to several retaliatory strikes on Middle East nations.
Operation Epic Fury
Dubbed Operation Roaring Lion by Israel and Operation Epic Fury by the US, the weekend assault sent a barrage of fighter jets and American Tomahawk cruise missiles to strike hundreds of strategic targets across Iran.
In response, Iran launched retaliatory missile attacks targeting bases housing US forces and neighboring countries.
In one of hundreds of Iranian strikes across the Gulf, three American troops were killed and five seriously injured at a base in Kuwait. At least 11 people have been killed in Israel and three in the UAE by Iranian missile attacks.
President Donald Trump indicated the operation could extend for as long as five weeks.
The war’s geographic scope has widened after Iran extended attacks into Dubai, Doha, and Abu Dhabi—cities typically untouched by regional violence.
The strikes have led to the cancellation of thousands of flights, leaving tourists stranded as the airspace shut down.
Air travel hit
Major carriers, including Qantas, Cathay Pacific, and Japan Airlines, saw shares drop by more than 5% after strikes forced the closure of critical transit hubs in Dubai and Doha, stranding hundreds of thousands of travelers.
Oil trade uncertainty
Energy markets are reacting sharply amid escalating tensions and as Iran targets maritime traffic in the Strait of Hormuz. According to the UK Maritime Trade Operations Centre (UKMTO), at least three vessels were recently attacked. International shipping has reached a near standstill at the entrance of the strait.
Global oil prices initially jumped by more than 10% on Monday before stabilizing.
Although Iran accounts for only a small share of global oil output, its control of territory adjacent to the Strait of Hormuz gives it the ability to disrupt a waterway through which roughly one-fifth of the world’s oil flows daily.
Domestically, key members of Congress are demanding an immediate vote on a war powers resolution to restrain Trump’s military campaign against Iran. Lawmakers from both parties warn that the ongoing strikes, launched without formal congressional authorization, risk dragging the US into a prolonged Middle East conflict.