• US and Israeli forces achieve "total air dominance" in the third week of the conflict, with Iran's air defenses, navy, ballistic missiles, and drones largely destroyed.
  • President Donald Trump celebrates progress, stating "we've had a big day today, knocking out targets," amid strikes on command centers and leadership.
  • The war disrupts global oil markets, threatening facilities like Kharg Island's terminal and squeezing profits for companies like Exxon (XOM), though no direct corporate involvement is reported.

President Donald Trump recently highlighted military successes against Iran, declaring "we've had a big day today, knocking out targets," as an ongoing US-Israel air campaign has significantly degraded Iran's defenses. This reflects progress into the conflict's third week as of mid-March 2026, with strikes targeting command centers, missiles, and leadership, according to people familiar with the matter.

US and Israeli forces have conducted daily bombings since early March, destroying most of Iran's air defenses, air force, navy, ballistic missiles (down 90%), and drones (down 95%). Trump emphasized strikes on new leadership and deeper incursions, achieving "total air dominance" ahead of schedule, a development that has sparked debates on civilian risks and US involvement. Public reactions mix support for dominance with calls for negotiation from allies like the UAE and Qatar.

The war disrupts global oil markets via threats to facilities like Kharg Island's oil terminal, potentially spiking prices and affecting energy-dependent economies. No direct company involvement is reported, but oil firms such as Exxon face profit squeezes from related trade policies, echoing Trump's tariff impacts on oil profits. Efforts to reach Exxon for comment were unsuccessful.

Trump's administration pursues regime change hints without a firm endgame, shifting from initial 4-5 week estimates. Allies like Israel push aggressive targets, with warnings issued against oil strikes to avoid escalation. Iranian missile and drone attacks have dropped sharply (86% and 73%), reducing regional threats, but experts note Trump decides "success," with no clear de-escalation plan. Short-term scenarios include possible Kharg Island re-strikes or ground operations, while long-term uncertainty looms over post-Khamenei leadership.

Ongoing briefings report 49+ leaders eliminated, with parallels in NATO tensions. The strikes, which began early March 2026, build on historical tensions, similar to past US actions like Operation Midnight Hammer in 2025 but escalated with Israel's role in hitting nuclear sites.