U.S. and Israeli forces intensified their military campaign against Iran on Wednesday, with senior American commanders saying the operation is running ahead of schedule even as global
markets reel and energy prices surge.
The assault, now entering its fifth day, has unfolded at a pace that appears to have surprised even Washington. U.S. forces have maintained near-constant strikes while Israel launched what it described as a “broad wave” of attacks on Iranian missile launch sites, air-defence systems and command centres across the country.
Despite early U.S. hopes of rapidly crippling Tehran’s clerical leadership, Iran has continued retaliatory missile fire toward Israel and targets around the Gulf. Iranian officials also said plans were under way to appoint a new supreme leader following the killing of Ayatollah Ali Khamenei in the opening strikes last weekend.
As the fighting escalated, financial markets reacted sharply. Investors fled to safe-haven assets, pushing gold prices and the U.S. dollar higher, while airline and tourism operators scrambled to respond to more than 20,000 cancelled flights. Governments from Europe to Asia rushed to evacuate citizens stranded across the Middle East.
‘Ahead of the game plan’
U.S. Admiral Brad Cooper, who commands Central Command, said some 50,000 American troops, 200 aircraft and two aircraft carriers were now involved in what he described as “24/8” operations spanning conventional strikes, cyberwarfare and space-based capabilities.
“I assess that we are ahead of our game plan,” Cooper said in a video briefing released late Tuesday. “In simple terms, we are focused on shooting what can shoot us.”
According to the admiral, Iran’s air-defence network has been severely degraded, its navy has effectively been pushed off key waterways after 17 vessels were sunk, and more than 2,000 targets have been hit since the campaign began.
Israeli officials said their latest strikes were aimed at further limiting Iran’s ability to coordinate missile launches nationwide. Air-raid sirens echoed across parts of Israel overnight as incoming Iranian missiles were intercepted, sending shockwaves through urban areas.
Iran has described the campaign as an unprovoked act of aggression.
Energy markets under pressure
The most immediate global impact has been felt in energy markets. Oil prices extended gains on Wednesday after Iranian attacks on shipping and energy infrastructure forced production halts from Qatar to Iraq, and effectively shut down exports through the Strait of Hormuz.
Iran’s Revolutionary Guards claimed they had full control of the strait and warned commercial vessels not to transit the waterway. State-linked media said 10 tankers that ignored the warnings had been struck, a claim that could not be independently verified.
U.S. President Donald Trump said the U.S. Navy could begin escorting oil tankers if necessary, though shipping analysts questioned whether escorts alone would stabilise prices or expose American vessels to further attack.
Persistently higher fuel costs could carry political consequences for Trump at home, with congressional midterm elections looming in November.
Allies voice concern
The widening conflict has also strained relations with key allies. Friedrich Merz said after talks in Washington that efforts to bring political change in Iran might benefit its people, but warned the strategy was “not without risk.”
French President Emmanuel Macron announced that France would deploy an aircraft carrier to the Mediterranean to help safeguard shipping routes, while sharply criticising the legality of the U.S.-Israeli campaign.
“The United States and Israel decided to launch military operations,” Macron said. “They were conducted outside international law, which we cannot approve.”
In Washington, the administration faced mounting pressure from lawmakers in both parties questioning whether the president had the authority to escalate the conflict without congressional approval. The Pentagon confirmed the identities of four U.S. soldiers killed so far, while warning that further casualties were likely. Trump has not ruled out the use of ground forces.
Iran’s health ministry said at least 787 people had been killed by Tuesday, including 165 schoolgirls who died when a school was hit on the first day of fighting — the single deadliest reported civilian incident so far.
Trump denied claims that Israel had forced his hand, saying he ordered the strikes after negotiations over Iran’s nuclear programme collapsed and intelligence suggested an imminent attack.
As residents flee bombardment, much of Tehran has emptied out. “The city feels like a ghost town,” said Firuzeh Seraj, who fears taking her 10-year-old daughter for dialysis treatment after a nearby hospital was struck.
For now, markets, diplomats and civilians alike are bracing for a conflict that shows few signs of easing. Photo by Harrison Keely, Wikimedia commons.