Key Takeaways
- Iran reports 201 dead and 747 injured following a massive joint military operation by the United States and Israel targeting 24 provinces.
- The Strait of Hormuz is "practically" closed according to the IRGC, threatening 20% of global oil supply and sending energy markets into a state of high volatility.
- US CENTCOM successfully defended against hundreds of retaliatory Iranian missile and drone strikes, reporting minimal damage and zero U.S. casualties.
- UK Prime Minister Keir Starmer has deployed RAF jets for defensive operations and reaffirmed the UK’s commitment to the defense of Qatar and the UAE.
- Oil and defense sectors are seeing immediate impact, with major players like ExxonMobil (XOM) and Lockheed Martin (LMT) in sharp focus as regional stability collapses.
The Middle East has plunged into a state of open conflict following a joint military assault by the United States and Israel against Iran on February 28, 2026. Codenamed "Operation Epic Fury" by the U.S. and "Roaring Lion" by Israel, the strikes targeted Iranian military airfields, command centers, and nuclear infrastructure. President Donald Trump announced the start of "major combat operations," stating the goal is to permanently eliminate Tehran's nuclear and missile threats.
Iran’s Red Crescent Society reported that the strikes hit 24 of the country's 31 provinces, resulting in 201 fatalities and nearly 750 injuries. In response, the Islamic Revolutionary Guard Corps (IRGC) warned that the Strait of Hormuz is now unsafe for transit, effectively halting maritime traffic in one of the world's most critical energy arteries. This development has immediate implications for global energy prices and the United States Oil Fund (USO), as traders brace for a prolonged supply disruption.
U.S. Central Command (CENTCOM) confirmed that its forces successfully intercepted "hundreds" of Iranian drones and missiles launched in retaliation. While Iranian strikes targeted U.S. installations and regional partners, including the U.S. Navy’s 5th Fleet headquarters in Bahrain, CENTCOM reported that damage was minimal and has not impacted ongoing operations. Defense contractors such as RTX Corporation (RTX), Northrop Grumman (NOC), and Lockheed Martin (LMT) are expected to see increased activity as regional air defense systems remain on high alert.
The conflict has rapidly expanded to involve Gulf allies, with the United Arab Emirates (UAE) urging citizens to remain indoors via SMS as missiles were intercepted over its territory. UK Prime Minister Keir Starmer held urgent calls with the Amir of Qatar and the President of the UAE, reaffirming the United Kingdom's commitment to their defense. Starmer confirmed that RAF Typhoon jets are currently active in the region to protect allied interests and intercept incoming threats.
Amid the geopolitical crisis, domestic political shifts are also occurring. In the United Kingdom, Labour Minister Josh Simons resigned today following a controversy involving the think tank Labour Together and an investigation into journalists. Meanwhile, in the United States, President Trump monitored the ongoing strikes alongside Vice President JD Vance and key advisors. Separately, a 5.4 magnitude earthquake was reported 80 km off the coast of Sarangani, Philippines, though no immediate link to the regional conflict was suggested.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.