US-Israel Expand Strikes on Iran, Hezbollah; Oil Soars
Analysis based on 22 articles · First reported Mar 01, 2026 · Last updated Mar 02, 2026
The escalating conflict has sent crude oil prices soaring due to attacks on tankers and general instability, while global air travel is heavily disrupted with major Middle Eastern airports closed, causing airline shares to plunge. The uncertainty surrounding Iran's leadership and the potential for a prolonged military campaign are creating significant market volatility.
Israel, in conjunction with the United States, has launched new air strikes targeting Iran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon. This escalation follows Hezbollah's retaliation for the reported killing of Iran's Supreme Leader Ali Khamenei. The conflict has seen extensive military operations, including Israeli strikes on intelligence and military centers in Tehran and Beirut, and Iranian missile and drone attacks on Israel, Kuwait, and Bahrain. The first US casualties have been confirmed, with three service members killed in Kuwait. US President Donald Trump has vowed to continue military strikes for weeks and called on the Iranian people to revolt. The death of Ali Khamenei has created a power vacuum in Iran, with a temporary leadership council assuming duties. The conflict has severely disrupted global oil markets, causing prices to soar, and significantly impacted air travel, leading to the closure of major Middle Eastern airports like United Arab Emirates===Dubai.
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