• Israel's UN envoy Danny Danon, when asked about unconfirmed reports of Supreme Leader Ali Khamenei's death, stated Israel would continue targeting Iranian leadership to eliminate threats.
  • Coordinated U.S.-Israeli strikes on February 28, 2026, codenamed Operation Roaring Lion and Operation Epic Fury, targeted over 500 Iranian sites including nuclear facilities, missile bases, and leadership compounds.
  • Iran retaliated with dozens of ballistic missiles at Israel and 14 U.S. bases across the Middle East, escalating regional tensions and disrupting global energy markets.

A Sharp Escalation in Hostilities

Israel's UN envoy Danny Danon, when pressed on reports of Iran's Supreme Leader Ali Khamenei's status after recent strikes, made clear that targeting Iranian leadership remains a priority. "We will continue to target the Iranian leadership to eliminate threats from the regime," Danon said, according to people familiar with his remarks. The statement came amid unconfirmed intelligence suggesting Khamenei may have been isolated or killed in the attacks, with satellite imagery showing heavy damage to his Tehran compound.

On February 28, 2026, the U.S. and Israel launched coordinated strikes targeting Iranian nuclear sites, missile facilities, air defenses, naval assets, and leadership compounds across Tehran, Isfahan, Qom, Karaj, and Kermanshah. Israeli jets hit around 500 sites using 200 aircraft in Operation Roaring Lion, while U.S. forces conducted Operation Epic Fury. Supreme National Security Council Secretary Ali Shamkhani was reported killed in the assaults, though Iranian state media has not confirmed his death.

Market and Regional Fallout

Iran retaliated swiftly, firing dozens of Emad and Ghadr-type ballistic missiles at Israel and 14 U.S. bases in Jordan, Syria, Kuwait, Bahrain, Qatar, Saudi Arabia, and the UAE. The Houthis resumed attacks in the Red Sea, compounding shipping disruptions. These strikes have immediately impacted Iran's oil exports and global energy markets, with Persian Gulf tensions raising insurance premiums and rerouting trade flows. Oil prices spiked in early trading as analysts assessed the damage to infrastructure in Gulf states.

Efforts to reach Iranian officials for comment on the economic implications were unsuccessful. A U.S. defense official, speaking on condition of anonymity, said the operations aimed to dismantle Iran's missile and naval programs, which have long threatened regional stability. "Without a deal, the regime would face continued pressure," the official added, referencing failed Oman-mediated talks on February 27 where Iran agreed only to downgrade uranium enrichment rather than fully comply with international demands.

Political Maneuvering and Future Risks

U.S. demands had included ending uranium enrichment, limiting missile development, and ceasing support for proxies like Hamas, Hezbollah, and the Houthis. Former President Donald Trump urged the Islamic Revolutionary Guard Corps to surrender and called for regime change, while Israeli Prime Minister Benjamin Netanyahu labeled Iran a "terror regime" after 47 years of hostility. Israel has declared a state of emergency, moving hospitals underground and activating civil defense sirens.

Short-term risks include escalating missile exchanges and potential surges from Iranian proxies. In the longer term, U.S. and Israeli officials aim to topple the regime by targeting all leadership, potentially enabling what Netanyahu termed a "brave Iranian people" takeover. However, experts note coordination challenges for Iran's missile barrages and warn of a broader conflict that could hinder any nuclear or missile advances. The strikes build on the June 2025 Israel-Iran war, with prior IDF actions hitting Hezbollah camps in Lebanon on February 26 to curb reconstitution efforts.

Correction: An earlier version misstated the number of U.S. bases targeted; it is 14, not 15.