US-Israel Strikes Iran, Iran Retaliates
Analysis based on 34 articles · First reported Feb 28, 2026 · Last updated Mar 01, 2026
The escalating military conflict between the United States, Israel, and Iran has severely impacted global markets, particularly the oil and gas sector due to the potential closure of the Strait of Hormuz. The aviation industry faces significant disruptions with widespread flight cancellations and airspace closures across the Middle East, leading to increased operational costs and reduced travel.
The United States and Israel launched extensive military strikes against targets in Iran, including sites where senior Iranian officials gathered and missile launchers. These pre-emptive strikes, involving 200 fighter jets and over 500 targets, reportedly led to significant casualties, including the alleged death of Iran's supreme leader Ayatollah Ali Khamenei, a claim disputed by Iran. In retaliation, Iran's Revolutionary Guards launched waves of missile and drone attacks against Israel, the US Fifth Fleet in Bahrain, and other American bases in the Gulf, causing explosions and casualties across the region, including in the United Arab Emirates, Qatar, and Kuwait. Iran also moved to close the Strait of Hormuz, a critical global oil and gas transit point. The conflict has led to widespread airspace closures and flight cancellations by major airlines, with international bodies and nations expressing grave concerns about a wider regional catastrophe.
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