• Operation Epic Fury, launched February 28, 2026, targets Iran's nuclear and missile infrastructure in coordination with Israel's Operation Roaring Lion.
  • President Trump stated Iran is "running out of launchers" as of March 3, indicating significant degradation of missile capabilities.
  • The operation follows failed diplomatic negotiations from July 2025 to February 2026, with Trump issuing an approximately 10-day ultimatum before military action commenced.

A Coordinated Military Campaign

Operation Epic Fury represents the most significant joint U.S.-Israeli military operation in history, conducted with what officials describe as "full synchronization and coordination" following months of joint planning. The campaign, which began on February 28, 2026, targets three primary areas: nuclear infrastructure, missile capabilities, and military infrastructure supporting Iran-backed militias including Hezbollah, Hamas, and the Houthis.

President Trump announced the "major combat operations" with the stated objective to "destroy their missiles and raze their missile industry to the ground," according to people familiar with the matter. As of March 3, Trump told POLITICO that Iran is "running out of launchers," signaling what military analysts interpret as measurable progress in degrading Iranian missile capabilities.

Diplomatic Backdrop and Strategic Shift

The operation follows months of failed diplomatic negotiations between July 2025 and February 2026, during which the U.S. pursued indirect talks in Oman and Geneva. Secretary of State Marco Rubio had outlined comprehensive demands including Iran's verifiable elimination of uranium enrichment capability, ballistic missile ranges, cessation of terrorist organization sponsorship, and improved treatment of Iranian citizens.

When Trump's approximately 10-day ultimatum in late February 2026 expired without a comprehensive agreement, military operations commenced. The U.S. had previously deployed a second aircraft carrier strike group, USS Gerald R. Ford, to the Middle East in January 2026 in preparation, according to defense officials who spoke on condition of anonymity.

Market and Industry Implications

U.S. defense companies are operating under "emergency orders" to build weaponry in response to the ongoing operations, creating what one industry executive described as "unprecedented production demands" for certain missile defense systems and precision munitions. The shift from the previous Operation Midnight Hammer, which had set back Iran's nuclear program but did not eliminate underlying capabilities, represents what analysts call a more comprehensive approach to degrading Iran's military infrastructure.

Trump has called on members of the Islamic Revolutionary Guard Corps to lay down their arms in exchange for immunity, while also appealing to the Iranian people to "take over your government" when operations conclude—a message that some regional experts interpret as signaling longer-term political objectives beyond immediate military degradation.

Operational Challenges and Next Phases

While initial reports suggest progress against missile launch infrastructure, military analysts caution that completely eliminating Iran's dispersed missile capabilities presents significant challenges. "The degradation of launch systems is measurable, but reconstitution remains a concern without sustained pressure," said one defense analyst who requested anonymity due to the sensitivity of ongoing operations.

The operation's focus on preventing reconstitution of Iran's nuclear weapons program represents what officials describe as a "more permanent solution" than previous efforts, though verification of complete dismantlement will require what one diplomat called "extensive monitoring mechanisms" in any post-conflict scenario.

Correction: An earlier version of this article misstated the timing of diplomatic negotiations; they occurred from July 2025 to February 2026, not 2024 to 2025.