The United States carried out a new wave of airstrikes on Iran, widening a conflict that has drawn in neighboring countries and unsettled global energy markets.

The strikes hit multiple targets inside Iran, and separate operations struck Iran-backed militias in Iraq. President Donald Trump had said the United States would "hit hard" in response to earlier attacks. In Tehran, officials said they would "punish the aggressor today," and the Islamic Revolutionary Guard Corps pledged retaliation. The two countries have since traded missile barrages, and hopes for a quick resolution have dimmed.

The fighting has spread beyond Iran's borders. A drone strike hit Egypt's Damietta port, the first such attack on Egyptian soil, raising security concerns near the Suez Canal, a passage central to global shipping. Saudi Arabia, which took part in the strikes on militias in Iraq, moved to the center of the diplomatic response: its defense minister held an urgent meeting with Trump after those strikes.

Inside the United States, the scope and direction of the campaign remain subjects of debate. Military planners have discussed a two-week plan to escalate strikes. American weapons stockpiles have declined as the operations continue, and questions have grown over how long the campaign can be maintained at its current pace. The Pentagon, under Trump and Defense Secretary Pete Hegseth, has tightened its control over information about the conflict.

The war has rippled quickly through the global economy. Oil prices moved higher as Iran threatened to respond, reflecting fears about disruption to Middle Eastern supply routes. Shell reported that its profit more than doubled to $9.8 billion, its second-highest on record, a rise the company linked to the higher prices driven by the conflict. Analysts have also pointed to China's role as a major buyer of Iranian oil, giving Beijing influence over where prices settle. In the United States, government borrowing costs reached a new high as the strikes resumed.

The economic strain extends to Washington's own finances and to a broader question hanging over the campaign: whether deeper American involvement serves the country's interests. That question has been argued openly across the political spectrum, with commentators on the right among those debating the merits of the war.

For now, both sides have signaled they intend to continue. Iran's warnings of retaliation stand alongside American plans to intensify the campaign, leaving the region braced for what comes next.

References

1. 1.Wire reports — US airstrikes on Iran and Iran-backed militias in Iraq; Iranian and IRGC vows of retaliation
2. 2.Regional reporting — drone strike on Egypt's Damietta port and Suez Canal security concerns
3. 3.Diplomatic reporting — Saudi participation in strikes and defense minister's meeting with Trump
4. 4.Financial reporting — oil price movements, Shell's $9.8 billion profit, US borrowing costs, China as buyer of Iranian oil
5. 5.US defense reporting — two-week escalation plan, weapons stockpile levels, Pentagon information controls under Trump and Hegseth