US-Iran War Legal Justification and Market Impact

The U.S. State Department's top lawyer, Reed Rubinstein, has issued a statement defending President Donald Trump's war with Iran as an act of self-defense and in defense of U.S. ally Israel. The U.S. and Israel began air strikes on Iran on February 28, killing Iran's then-Supreme Leader Ali Khamenei and other leaders. These strikes followed inconclusive talks and were aimed at destroying Iranian missiles and preventing nuclear weapon development. Iran retaliated with missile and drone attacks, targeting U.S. interests, its Middle East neighbors, and disrupting shipping in the Strait of Hormuz. The conflict has led to an energy shock, rising prices for fuel and food, and public disapproval in the United States, impacting the Republican Party ahead of midterm elections. Legal experts question the war's justification under the Charter of the United Nations, while the Trump administration faces a May 1 deadline to obtain congressional approval under the 1973 War Powers Act.