U.S. Top General Reports Iran Strikes Surpassing Strategic Expectations; Markets React with Decline

U.S. military forces are vigorously maintaining an intensive, around-the-clock offensive against Iran and Israel, executing what has been described as a “broad wave” of strikes. These attacks are concentrated on Iranian missile installations and air defense systems, as part of a campaign that a senior American commander reports is progressing ahead of schedule.

Initially, the United States had hoped for a swift and decisive removal of Tehran’s clerical regime. However, Iran has persisted with retaliatory actions against Israel and throughout the Gulf region. The country has also pledged to appoint a new supreme leader following the death of Ayatollah Ali Khamenei, who was killed during the initial attacks launched on Saturday.

As the conflict enters its fifth day, global markets are jittery over the prospect of an extended war in a region key to oil and gas exports. Investors have turned to gold and the U.S. dollar as safe-haven assets, causing prices to rise.

The airline and tourism industries are in turmoil, grappling with the cancellation of over 20,000 flights. Meanwhile, governments are scrambling to facilitate the safe return of travelers stranded in the Middle East.

Admiral Brad Cooper, the U.S. Central Command leader overseeing this campaign, has stated that 50,000 troops, 200 jets, and two aircraft carriers are engaged in nonstop operations against Iran. These efforts span from seabed to space and into cyberspace, with additional military resources en route to support the mission.

Iran’s air defences had been badly degraded, its navy had no operational vessels on key waterways after 17 were sunk, and more than 2000 ‌Iranian targets had been ‌hit, Cooper said in a video briefing ⁠released on Tuesday evening.

“My overall operational assessment is that we are ahead of our game plan,” he said. “In simple terms, we’re focused on shooting things that can shoot us.”

The Israeli military said early on Wednesday it had begun a broad wave of strikes targeting Iranian missile launch sites, aerial defence systems and command centres used to maintain control across the country.

Air raid sirens sounded warnings and buildings shook as incoming Iranian missiles were intercepted inside Israel, witnesses said.

Iran has called the war an unprovoked attack.

Oil prices continued to climb on Wednesday as Tehran attacked ships and energy facilities, closing navigation through the Strait of Hormuz, forcing production stoppages in countries from Qatar to Iraq and halting exports.

The Strait is under the “full control” of Iran’s navy, its Revolutionary Guards said on Wednesday, warning vessels not to transit the waterway, according to the semi-official ⁠Fars news agency. Its claim of having struck 10 tankers that ignored warnings could not be independently verified.

US President Donald ‌Trump said the US Navy could begin escorting oil tankers through the Strait if necessary. Ship owners and analysts were uncertain that would be enough to stop rising prices or whether the US can spare vessels to do so without exposing them to potential attacks.

Trump risks ‌political fallout if higher energy prices persist, as his Republican Party tries to retain power in the congressional midterm elections in November.

The US strikes against Iran already face headwinds at home and from key Western allies, with rising uncertainty over how long the conflict would last and who would take over control of Iran if the clerical leadership backed by the Revolutionary Guards collapses.

German Chancellor Friedrich Merz told reporters after speaking with Trump in Washington the plan to bring about political change in Iran, which would be positive for the Iranian people, “is not without risk”.

French President Emmanuel Macron said he was sending an aircraft carrier to the Mediterranean to help clear maritime traffic imperilled by the crisis but added: “the United States of America and Israel have decided to launch military operations; they were conducted outside international law, which we cannot ‌approve.”

In Washington, Trump’s top national security advisers spent much of Tuesday making the case to Congress, as some members of his party joined Democrats in saying the president should not send troops to fight abroad without its approval.

The US military on Tuesday identified four of the first American soldiers killed in the war, as the administration warned the conflict would lead to more US casualties. Trump has not ruled out using ground forces.

Iran said deaths from the attacks had reached 787 on Tuesday. That included 165 girls killed on the war’s first day when their school was bombed, the highest toll among several civilian sites reported to have been hit.

Trump denied Israel forced his hand into striking Iran and said he had ordered the campaign because he had “a feeling” Tehran would attack after negotiations over its nuclear program stalled.

As Iranians have fled cities, the capital Tehran has become a ghost town.

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