US-Israel campaign on Iran enters second week amid market turmoil

The United States-Israel military campaign against Iran has entered its second week, marked by continued aerial assaults and retaliatory strikes by Tehran that have disrupted Gulf energy infrastructur

The United States-Israel military campaign against Iran has entered its second week, marked by continued aerial assaults and retaliatory strikes by Tehran that have disrupted Gulf energy infrastructure and caused significant volatility in global oil markets US President Donald Trump told Republicans the conflict could be over “pretty quickly,” while Russian President Vladimir Putin has reportedly presented Trump with proposals for a diplomatic resolution

The campaign began on February 28 with large-scale air and missile strikes on Iranian military infrastructure, including air-defence systems, missile launchers, and naval assets The initial assault killed Iran’s then-Supreme Leader, Ayatollah Ali Khamenei In a recent address, Trump highlighted the campaign's successes and threatened to hit Iran “at a much, much harder level” if it disrupted global oil supplies

In response, Iran has appointed Mojtaba Khamenei as the new Supreme Leader, an appointment Trump called a “bad idea” Rallies have been held in Tehran to support the new leader, as Iran has pledged to develop bigger warheads The conflict's effects are spreading, with Iranian attacks reported on oil facilities in Bahrain, and a separate strike hitting near an Iraqi military base and Baghdad's airport The United Arab Emirates also reported two of its servicemen were killed In another incident, NATO defenses shot down missiles aimed at Turkiye

The attacks on energy installations caused Brent crude oil prices to spike to a peak of $119.50 per barrel before settling lower Amid the military escalation, the Kremlin stated that President Putin gave Trump proposals for a "quick settlement of the conflict" The potential for a wider conflagration remains a key concern for regional and global stability, with security analysts also noting potential spillover risks for South Asian nations

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