Iran Conflict: US/Israel Strikes, Iran Retaliates, War Widens, Energy Crisis Deepens, Lebanon Fighting, Cyberattacks, Funding Crisis

The conflict between the US/Israel and Iran has intensified, with direct strikes on Iranian territory and retaliatory actions impacting global energy markets. The Strait of Hormuz is under pressure, threatening oil and fertilizer supplies, while fighting has escalated in Lebanon. Cyberattacks are disrupting Iran's digital infrastructure, and lawmakers are anticipating a massive emergency funding request to sustain the widening conflict. The situation is further complicated by concerns over depleted weapons stockpiles in the US and UK, raising questions about long-term defense readiness. The potential for a full-scale war with Iran, coupled with existing commitments in Ukraine and the Indo-Pacific, is straining Western military resources and highlighting vulnerabilities in the defense industrial base. ## Latest Update The UK and France are deploying warships and air defense assets to Cyprus following a drone attack on a British military base. The incident involved an Iranian-made drone, prompting heightened security measures and investigations into its origin and intent. ## Timeline * 2026-02-24: Citigroup notes hedge fund clients sold US dollar after Supreme Court tariff ruling. * 2026-02-24: The Supreme Court blocked Trump's tariffs, finding them exceeding presidential powers. * 2026-02-25: US imposes 126% solar tariffs on India, impacting Indian manufacturers. * 2026-02-28: New global 15% levy announced after court blocks Trump's tariffs, reviving trade uncertainty. * 2026-03-01: US and Israel launch 'Operation Epic Fury' against Iranian military and nuclear infrastructure, sending shockwaves through energy markets. * 2026-03-01: Key global trade chokepoints, including the Strait of Hormuz, face extreme pressure due to the conflict. * 2026-03-01: Disruption in the Strait of Hormuz threatens nitrogen fertilizer exports, risking a collapse in global food stability. * 2026-03-02: Oil prices spike above $70 per barrel amid reports of disruptions in the Strait of Hormuz. * 2026-03-02: Tanker disruptions in the Strait of Hormuz rattle global supply chains, raising fears of prolonged bottlenecks. * 2026-03-02: JPMorgan warns oil could surge to $120 if Iran war disrupts Gulf supply. * 2026-03-02: European gas prices jump 45% after Qatar halts LNG output following Iranian attacks. * 2026-03-02: Iranian strike on Qatar triggers historic gas price surge, threatening a breakdown in the global supply chain. * 2026-03-02: Iran faces widespread internet disruptions amid reports of U.S.-Israeli cyberattacks. * 2026-03-02: Israel intensifies war on Lebanon after Hezbollah attack, causing mass displacement. * 2026-03-02: Families take shelter in schools as Lebanon's government calls Hezbollah's strike on Israel illegal. * 2026-03-02: War widens to include Iranian-backed militias as Israeli and American planes pound Iran. * 2026-03-02: UK citizens urged to prepare 72-hour survival kits due to escalating conflicts. * 2026-03-03: UK and France send warships, air defence assets to Cyprus after drone attack. * 2026-03-04: US in talks with Iranian Kurds for CIA-backed uprising. * 2026-03-04: Lawmakers anticipate Trump will seek emergency funding for 'open-ended' Iran war. * 2026-03-04: Dwindling weapons stocks could affect the Iran conflict. * 2026-03-04: US lacks clear plan for Iran’s enriched uranium. ## What to Watch * Further escalation in the Strait of Hormuz, potentially leading to closure and severe supply chain disruptions. * Expansion of the conflict to other regional actors, including increased involvement of Iranian-backed militias. * Impact of depleted weapons stockpiles on the ability of the US and its allies to sustain military operations.