On 28 February 2026, the United States, alongside Israel, launched “major combat operations” against Iran, targeting nuclear facilities, ballistic-missile sites, and senior leadership after weeks of escalating tensions over uranium enrichment. In the lead-up, the Pentagon had deployed its largest Middle East force since the 2003 Gulf War. President Donald Trump said the objective was to prevent Iran from developing a nuclear weapon and weaken the regime, urging Iranians to “take over” their government following the strikes. Australian Prime Minister Anthony Albanese said Australia supports efforts to prevent nuclear proliferation while calling for de-escalation and regional stability.
Iranian authorities reported more than 400 deaths and 1,000 injuries following the initial strikes. Tehran has since retaliated against Israeli and U.S. bases across the UAE, Qatar, Kuwait, Bahrain and Jordan, widening regional instability. Trump later claimed Iran’s supreme leader Ali Khamenei and much of the country’s senior leadership were killed - a tactic to destabilise Iran’s command structure, raise succession uncertainty, and increase the risk of fragmented or unpredictable retaliation rather than coordinated state response.
Markets reacted immediately
Oil prices surged on fears supply could be disrupted, with analysts warning crude could move above US$100 per barrel, up from Friday’s US$67 level. Iran produces around 3.3 million barrels per day (~3% of global supply), and threats to close the Strait of Hormuz, through which nearly 20% of global oil flows, have heightened volatility. Gold is likely to rally as investors rotate into safe-haven assets during periods of heightened uncertainty.
The Aviation industry was severely impacted, with major airlines including Emirates and Qatar Airways rerouting or cancelling flights. Dubai’s international airport - one of the world’s largest transit hubs was damaged in Iran’s retaliatory attacks, with four staff injured and no reported deaths.
Flight Map over Iran Airspace (Source: FlightRadar24)
Whether the strikes achieve strategic objectives or trigger prolonged conflict will now depend on Iran’s next response and the speed of diplomatic intervention.
