At least 42 US aircraft, including fighter jets and drones, were lost or damaged during Operation Epic Fury launched on February 28 targeting Iran, according to an official report.

The number of aircraft damaged or destroyed may remain subject to revision due to multiple factors, including classification, ongoing combat activity, and attribution, said the report by the Congressional Research Service (CRS).

US lost 42 aircraft, including fighter jets, reaper drones: Reports

As conflict in the Gulf pushes oil prices higher, consumers are paying more at the fuel pump, but oil companies are cashing in. A new analysis by Global Witness claims the world's top 100 oil and gas firms earned nearly 30 million dollars every hour in windfall profits during the early days of the Iran conflict.


Iran war fuels oil windfall

Iran's Revolutionary Guards say two unidentified oil tankers exploded after hitting mines while trying to cross the Strait of Hormuz, but the claim didn't survive contact with Washington. US Central Command shot back on X: "Like most IRGC claims, this is false." Iran also says it "stopped" four more ships attempting to pass through the strait. Neither claim has been independently verified, as the vital shipping route remains effectively closed amid a week of escalating US-Iran strikes.


Hormuz crisis: Iran claims two tankers exploded after hitting mines 

As tensions reach a boiling point, U.S. forces have conducted a sixth consecutive night of airstrikes across southern Iran, specifically targeting critical transportation infrastructure. Iranian state media reports that at least five bridges—including key logistical routes like the Gariveh and Kahurestan bridges—were struck, severely impacting internal mobility.

Iran reports several killed in strikes that hit 5 bridges 

The United States escalated its renewed bombing campaign on Iran on Friday by hitting bridges and an airport, and ​Tehran responded with strikes on U.S. bases across the Middle East. Iran's IRGC struck US forward bases in Jordan, Kuwait, Oman, Syria and Bahrain with coordinated salvos of advanced ballistic and massive missiles, plus drone swarms. Tehran says the strikes respond to heavy US bombardment and blockade measures. We unpack the weapons used Fattah, Khaibar Shekan, Zolfaghar, Fateh. The video explains how mixed salvos are aimed at defeating American multi-layered air defences, and what Iran's new two-for-one doctrine means for regional escalation.


Iran's deadly new tactic & bigger missiles | Tehran warns will burn everything in Gulf

The United States and Iran are actively exchanging waves of strikes and naval blockades in the Middle East, with tensions centered on the Strait of Hormuz. The U.S. employs a dual approach of intense military pressure alongside demands for negotiation, while Iran’s leadership balances diplomatic outreach with severe retaliatory attacks.


US and Iran exchange waves of strikes, moderate & hardline approach at play simultaneously

The conflict between the United States and Iran has entered its fifth consecutive day as U.S. forces launched another wave of strikes targeting Iranian military capabilities that Washington says threaten shipping through the Strait of Hormuz. Iranian state media reported explosions in several cities, including Bandar Abbas, Rask, Chabahar, Qeshm, Bandar Imam Khomeini, and areas near Bushehr, where Iran's only civilian nuclear power plant is located. The U.S. Central Command also confirmed that it targeted a vessel accused of attempting to violate the renewed naval blockade on Iranian ports, while Iran reportedly responded by launching attacks against U.S. military positions in Bahrain and Kuwait.

U.S.-Iran war intensifies | Fresh American strikes hit Iran as Trump issues new warning to Tehran

The conflict between the United States and Iran has entered its fifth consecutive day as U.S. forces launched a fresh wave of strikes targeting Iranian military capabilities linked to threats against shipping in the Strait of Hormuz. According to U.S. Central Command, the military operation focused on strategic Iranian military infrastructure, while Iranian state media reported explosions in several cities, including Bandar Abbas, Chabahar, Rask, and areas near Bushehr.
The U.S. military also confirmed that it disabled a vessel attempting to reach an Iranian port after it allegedly violated the renewed naval blockade, further intensifying tensions in the region. Meanwhile, Iran reportedly launched attacks against U.S. military positions in Bahrain and Kuwait, while Iraqi Kurdish security forces intercepted and destroyed eight explosive-laden drones near coalition facilities.

U.S.-Iran war escalates: U.S. Launches fresh strikes on Iran as Trump warns 'better behave' 

As West Asia witnesses rising havoc, U.S. military personnel in the region were reportedly targeted through a coordinated phone-tracking campaign before and during the conflict. How exactly? 

As tensions boil over in the region, decoding the larger implications and the latest developments.

Iran Hunting American Troops Through Their Phones Amidst Rising Havoc

Yemen’s Iran-backed Houthi group has claimed that it shot down a Saudi drone following what it described as retaliatory strikes linked to the ongoing regional tensions. The development comes amid heightened security concerns in the Middle East, with rising risks for military operations, airspace security, and regional stability.


Houthis Claim Saudi Drone Shot Down Following Retaliatory Strikes

Gas is expensive, and voters are feeling it. With US Midterms in November, a new survey says 60% of Americans believe gas prices will only get worse. And a big reason? The Iran war. As tensions rise in the Middle East, fears of an oil shock are casting a shadow over the election. 


Iran war fears hit US voters: 60% say gas prices will get worse 

Tensions are flaring again over one of the world’s most important waterways. Iran has hit back at US claims and declared itself the "true guardian" of the Strait of Hormuz. Tehran is even mulling a bill to formalise its control, and there’s talk of tolls for ships passing through. Meanwhile, Trump is pushing Gulf allies to reimburse the US for protecting shipping in the region. With nearly 20% of the world’s oil passing through Hormuz, this isn’t just a political spat. It’s about trade, fuel prices, and who gets to call the shots on a 33km-wide chokepoint that the whole world watches.


US, Iran battle over Strait of Hormuz control 

New Delhi has formally summoned senior Iranian diplomats, including Deputy Chief of Mission Mohammad Javad Hosseini, following a lethal attack in the Strait of Hormuz. On July 14, 2026, two UAE-flagged oil tankers—the Mombasa and Al Bahiyah—were struck by Iranian cruise missiles while transiting the waterway’s southern shipping lane.


Iran diplomat summoned over killing of Indian seafarer

As Iran and the U.S. refuse to budge, the tussle over the Strait of Hormuz is intensifying, dragging West Asia further into uncertainty. In the latest, Trump has announced 20% toll on ships in Strait of Hormuz. Where are things headed? Gravitas explains what's happened so far, decoding the developments and getting you the bigger picture. This and a lot more coming up.


Can Trump Bomb Defiant Iran Into Submission Over Hormuz?

Ali Khamenei’s funeral procession has drawn global attention, and now the remains of Iran's supreme leader will be flown to Karbala from Najaf.  The developments are being closely watched as Iran bids final goodbye to its slain supreme leader Ali Khamenei. 

Ayatollah Ali Khamenei: Final journey of Iran's slain supreme leader

Ali Khamenei’s funeral procession has drawn global attention, and now the remains of Iran's supreme leader will be flown to Karbala from Najaf. The developments are being closely watched as Iran bids final goodbye to its slain supreme leader Ali Khamenei. 


The final journey of Iran's slain supreme leader Ayatollah Ali Khamenei

Speaking as the NATO summit wrapped up, Donald Trump defended his handling of the Iran conflict and called it a "big success." He said Iranian leaders are "more rational" now, but added he's "not sure" he wants to make a deal with them. The comments come as NATO leaders close discussions on defense and Middle East security. Trump's remarks signal a tough stance on Tehran even while claiming the recent escalation achieved its goal.


Trump at NATO summit | 'Iran war was a big success', doubts deal with Tehran

U.S. President Donald Trump has threatened to attack Iran again after declaring that the ceasefire agreement with the Islamic Republic is effectively over. The remarks came just hours after both countries carried out multiple strikes, reigniting tensions and raising fears of a broader regional conflict.

Trump described Iranian leaders as “scums, sick people and vicious,” signaling a hardening stance from Washington. The latest exchange of attacks has pushed the confrontation into a far more dangerous phase, with uncertainty growing over whether the United States could return to a larger military campaign against Iran.

Gulf burns again: U.S. Hits 80 Iranian targets, Tehran attacks Kuwait 

The fragile U.S.-Iran ceasefire is facing its biggest test yet. After attacks on commercial vessels in the Strait of Hormuz, the United States launched strikes on more than 80 targets linked to Iran's military infrastructure. President Donald Trump amplified support for the operation on social media, while Tehran warned of consequences and accused Washington of violating the post-war understanding. With shipping risks now rated severe, oil markets, global trade routes and regional security are once again under intense pressure as fears of a broader escalation grow.


US President Donald Trump ends ceasefire, vows to strike Iran for the second consecutive day 

A massive crowd gathered at the funeral of Iran’s Supreme Leader, with mourners waving red flags symbolizing vengeance and resistance. The emotional scenes reflected deep national sentiment amid heightened political tensions. Security was significantly tightened as officials managed large-scale participation in the ceremony. The event has drawn global attention given its symbolic and political significance.

Iran bids farewell to it's supreme leader: Ali Khamenei's casket will be taken to Qom

Iran has chosen Quranic verses for each and every country that played as they played last respects to former Supreme Leader Ayatollah Ali Khamenei. The message clearly bifurcates between Iran's allies those who supported the US and Israel in the war that began on Feb 28. The country also chose a message for its Axis of Resistance partners as Hamas and Hezbollah paid tributes to Ali Khamenei. &nbsp; The recitations drew a clear distinction between Iran's allies, countries that maintained close ties with Washington or Israel, and those that remained neutral, while also signalling the kind of relationships Tehran hopes to cultivate going forward. Iran extended the same symbolic messaging to members of its self-described "Axis of Resistance", selecting specific Quranic verses for Hezbollah and Hamas as they paid tribute to Khamenei.&nbsp;For Hezbollah, it played: “Do not falter or grieve, for you will have the upper hand, if you are true believers. If you have suffered injuries, they suffered similarly. We alternate these days of victory and defeat among people so that God may reveal the true believers, choose martyrs from among you, and God does not like the wrongdoers." &nbsp;The selection was seen as a message of resilience and strategic patience.&nbsp;For Hamas, it played: “Among the believers are men who have proven true to what they pledged to God. Some of them have fulfilled their pledge, others are waiting their turn. They have never changed their commitment in the least." This selection was interpreted as a validation of Hamas's role in the “Axis of Resistance.” : The phrase "fulfilled their pledge" was seen as a <a href="https://en.ilsole24ore.com/art/khameneis-funeral-marks-the-start-of-the-cold-war-in-the-gulf-AIaOvb1D">posthumous tribute</a> to fallen Hamas fighters and leaders, framing their deaths as martyrdom rather than defeat.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-to-charge-fees-in-strait-of-hormuz-hints-at-special-treatment-for-friendly-nations-1783244684819">Iran to charge fees in Strait of Hormuz, hints at ‘special treatment’ for friendly nations</a>&nbsp;The funeral events of late former Supreme Leader Ayatollah Khamenei is undergoing in Tehran's Grand Mosalla with tributes pouring in from around world. The limelight came on the Quranic verses when the Saudi delegation stepped forward to pay respects. The Quran recitation that followed was the verse from Al Imran 3:13, the passage describing the Battle of Badr - which was fought in what is today Saudi Arabia in 624 CE. The verse says talks about one of Islam’s first victories and a shared civilisational memory between Tehran and Riyadh. The verse describes one side as fighting in the cause of Allah and the other as disbelievers. It also says Allah supports with victory whom He wills. The choice was an obvious reference to Saudi's deep ties with the US and reports suggesting that Saudi supported and even wanted the US to attack Iran.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-warns-uk-france-military-deployment-strait-of-hormuz-1783162764183">Iran issues stark warning to UK, France over Strait of Hormuz military plan</a>&nbsp;For India, whom Iran has favoured throughout the war as New Delhi maintained contact with the leadership even after Ayatollah Ali Khamenei's death while also maintaining ties with the US, Iran chose a verse from Surah Aal-e-Imran, Verse 173: “Those to whom people said, 'Indeed, the people have gathered against you, so fear them.' But it only increased them in faith, and they said, ‘Allah is sufficient for us, and He is the best Disposer of affairs.” This powerful verse honours the believers who, when faced with overwhelming threats or intimidation, responded with absolute trust in God rather than fear, ultimately strengthening their faith. This likely refers to Indian Shias standing with Khamenei and against US action in Iran despite their government’s balanced diplomatic stance over the issue.&nbsp;&nbsp;

At Khamenei's funeral, Iran played different Quranic verses for each foreign delegation and for Hamas and Hezbollah, with each recitation carrying a symbolic message. The verses appeared to distinguish allies from US-backed nations while signalling Tehran's diplomatic priorities

Iran has chosen Quranic verses for each and every country that played as they played last respects to former Supreme Leader Ayatollah Ali Khamenei. The message clearly bifurcates between Iran's allies those who supported the US and Israel in the war that began on Feb 28. The country also chose a message for its Axis of Resistance partners as Hamas and Hezbollah paid tributes to Ali Khamenei. The recitations drew a clear distinction between Iran's allies, countries that maintained close ties with Washington or Israel, and those that remained neutral, while also signalling the kind of relationships Tehran hopes to cultivate going forward. Iran extended the same symbolic messaging to members of its self-described "Axis of Resistance", selecting specific Quranic verses for Hezbollah and Hamas as they paid tribute to Khamenei. For Hezbollah, it played: “Do not falter or grieve, for you will have the upper hand, if you are true believers. If you have suffered injuries, they suffered similarly. We alternate these days of victory and defeat among people so that God may reveal the true believers, choose martyrs from among you, and God does not like the wrongdoers." The selection was seen as a message of resilience and strategic patience. For Hamas, it played: “Among the believers are men who have proven true to what they pledged to God. Some of them have fulfilled their pledge, others are waiting their turn. They have never changed their commitment in the least." This selection was interpreted as a validation of Hamas's role in the “Axis of Resistance.” : The phrase "fulfilled their pledge" was seen as a posthumous tribute to fallen Hamas fighters and leaders, framing their deaths as martyrdom rather than defeat. Also Read: Iran to charge fees in Strait of Hormuz, hints at ‘special treatment’ for friendly nations The funeral events of late former Supreme Leader Ayatollah Khamenei is undergoing in Tehran's Grand Mosalla with tributes pouring in from around world. The limelight came on the Quranic verses when the Saudi delegation stepped forward to pay respects. The Quran recitation that followed was the verse from Al Imran 3:13, the passage describing the Battle of Badr - which was fought in what is today Saudi Arabia in 624 CE. The verse says talks about one of Islam’s first victories and a shared civilisational memory between Tehran and Riyadh. The verse describes one side as fighting in the cause of Allah and the other as disbelievers. It also says Allah supports with victory whom He wills. The choice was an obvious reference to Saudi's deep ties with the US and reports suggesting that Saudi supported and even wanted the US to attack Iran. Also Read: Iran issues stark warning to UK, France over Strait of Hormuz military plan For India, whom Iran has favoured throughout the war as New Delhi maintained contact with the leadership even after Ayatollah Ali Khamenei's death while also maintaining ties with the US, Iran chose a verse from Surah Aal-e-Imran, Verse 173: “Those to whom people said, 'Indeed, the people have gathered against you, so fear them.' But it only increased them in faith, and they said, ‘Allah is sufficient for us, and He is the best Disposer of affairs.” This powerful verse honours the believers who, when faced with overwhelming threats or intimidation, responded with absolute trust in God rather than fear, ultimately strengthening their faith. This likely refers to Indian Shias standing with Khamenei and against US action in Iran despite their government’s balanced diplomatic stance over the issue.

At Khamenei's funeral, Iran played different Quranic verses for each foreign delegation and for Hamas and Hezbollah, with each recitation carrying a symbolic message. The verses appeared to distinguish allies from US-backed nations while signalling Tehran's diplomatic priorities

What Iran's Quranic verse for Hamas, Hezbollah during Khamenei funeral means

Israeli Prime Minister Benjamin Netanyahu's office has fiercely denied an explosive media report alleging that Washington feared Israel might attempt to assassinate top Iranian negotiators during Islamabad diplomatic talks earlier this year.The pushback follows a report by The New York Times that claimed that American officials were deeply concerned Israel would target Iranian Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf. According to the report, these anxieties peaked in the weeks following the April 8 ceasefire, which paused the military conflict involving the US, Israel, and Iran.Also read | <a href="https://www.wionews.com/india-news/can-india-withstand-another-west-asia-crisis-how-israel-hezbollah-iran-tensions-could-hit-its-energy-security-wion-decodes-1782374369218">Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes</a><h2>What did Israel say?</h2>Netanyahu’s office issued a blunt rejection on X, labelling the claims a total fiction. "As usual, The New York Times' latest story about Israel and the Iranian negotiators is fake news," the Prime Minister’s Office stated. "A complete fabrication of reality."According to the Times, US intelligence and diplomatic officials went as far as passing indirect warnings to Tehran through regional intermediaries. Washington reportedly asked counterparts in neighbouring Middle Eastern nations to alert Iran that its chief representatives might face assassination attempts.

<blockquote class="twitter-tweet">The Prime Minister’s Office: As usual, The New York Times&#39; latest story about Israel and the Iranian negotiators is fake news. A complete fabrication of reality.&mdash; Prime Minister of Israel (@IsraeliPM) <a href="https://x.com/IsraeliPM/status/2073059099525157227?ref_src=twsrc%5Etfw">July 3, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

While both Araghchi and Ghalibaf were considered active targets by Israel during the initial, high-intensity phase of the war, American officials argued that killing them after the April ceasefire would have instantly collapsed the peace process and re-ignited full-scale hostilities.The report highlighted a specific, narrow escape on April 12, when Iranian security forces allegedly ordered Ghalibaf’s plane to make an emergency landing in Mashhad after intelligence indicated Israeli fighter jets had entered Iranian airspace from Iraq to intercept it.Neither Washington nor Tehran has formally confirmed the NYT account.Also read | <a href="https://www.wionews.com/world/lake-lucerne-summit-first-us-iran-talks-in-switzerland-end-with-cautious-optimism-what-was-agreed-and-what-comes-next-wion-decodes-1782100259630">Lake Lucerne Summit: First US-Iran talks in Switzerland end with cautious optimism. What was agreed and what comes next? | WION Decodes</a><h2>A growing strategy rift between the US and Israel</h2>The allegations underscore the friction building between the Trump administration and Netanyahu's government over the scope of the regional conflict. In the opening weeks of the war, Israel successfully eliminated a significant portion of Iran's political and military command structure, including the country's former supreme leader Ali Khamenei.However, as it became clear the campaign would not trigger total regime change in Tehran, Washington shifted its priority toward a negotiated settlement—a move Netanyahu has frequently undermined. The assassination of senior Iranian national security official Ali Larijani in March reportedly infuriated US officials, who felt Israel was systematically wiping out the very interlocutors they needed to broker a truce.The report drew further parallels to a September 2025 strike in Doha, which targeted and killed Hamas negotiators during active ceasefire discussions.<h2>Netanyahu and Trump schedule face-to-face talks</h2>Despite the tactical disagreements behind the scenes, both leaders are attempting to show a unified public front. Netanyahu’s office confirmed that the Prime Minister spoke with US President Donald Trump by phone on Friday to congratulate him on the 250th anniversary of American independence.During the call, the two leaders agreed to meet in the United States in the near future to coordinate on regional security. "The US is what ensures the freedom of the world, and Israel greatly appreciates the tight bond between the nations," Netanyahu reportedly told Trump.

Did Washington fear Israel could assassinate Iran's top negotiators and derail a fragile peace process? An explosive report says US officials quietly warned Tehran through intermediaries, but Benjamin Netanyahu's office has now issued a furious response, calling the claims "fake news".

Israeli Prime Minister Benjamin Netanyahu's office has fiercely denied an explosive media report alleging that Washington feared Israel might attempt to assassinate top Iranian negotiators during Islamabad diplomatic talks earlier this year. The pushback follows a report by The New York Times that claimed that American officials were deeply concerned Israel would target Iranian Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf. According to the report, these anxieties peaked in the weeks following the April 8 ceasefire, which paused the military conflict involving the US, Israel, and Iran. Also read | Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes What did Israel say? Netanyahu’s office issued a blunt rejection on X, labelling the claims a total fiction. "As usual, The New York Times' latest story about Israel and the Iranian negotiators is fake news," the Prime Minister’s Office stated. "A complete fabrication of reality." According to the Times, US intelligence and diplomatic officials went as far as passing indirect warnings to Tehran through regional intermediaries. Washington reportedly asked counterparts in neighbouring Middle Eastern nations to alert Iran that its chief representatives might face assassination attempts.

Did Washington fear Israel could assassinate Iran's top negotiators and derail a fragile peace process? An explosive report says US officials quietly warned Tehran through intermediaries, but Benjamin Netanyahu's office has now issued a furious response, calling the claims "fake news".

Netanyahu’s office slams report claiming US feared Israel would assassinate Iranian negotiators

As tensions from the 40-day Iran conflict begin to ease, financial markets are telling a different story. Defence companies have seen strong investor interest, fueled by expectations of rising military spending and a massive U.S. defence budget. While Wall Street celebrates record gains, many workers have yet to feel the benefits through higher wages or improved living standards.


War, oil and inflation: The 2026 triangle under Trump 2.0

Khamenei, who was killed in a joint U.S.-Israeli airstrike on February 28, 2026, is finally being laid to rest after months of delay caused by the ongoing regional conflict. Authorities have launched an unprecedented logistical operation, with police estimates suggesting that up to 20 to 35 million mourners—nearly a third of the country’s population—could participate in ceremonies spanning Tehran, Qom, Najaf, Karbala, and Mashhad.  

Iran: Over 20 million to attend late Ali Khamenei's funeral

The war in West Asia has likely come to an end, but profits for some have not. Five months after the US and Israel launched "Operation Epic Fury" against Iran, Wall Street and the defence sector are still cashing in. Under Trump 2.0, General Dynamics' stock has surged over 23 per cent. L3-Harris is up 15 per cent, Lockheed Martin has risen 13 per cent.The new Defence Authorisation bill now calls for $1.15 trillion in military spending, marking the first time the defence outlay projection has surpassed the trillion-dollar mark. Defence firms trade at 22 to 25 times forward earnings, a premium that history rarely supports. The market currently isn't betting on peace, but it is betting on the backlog of military equipment depleted during the war.Also read | <a href="https://www.wionews.com/world/us-supreme-court-gives-trump-greatest-increase-in-presidential-power-over-federal-agencies-overturns-90-year-old-precedent-what-it-means-1782799902878">US Supreme Court hands Trump 'greatest increase in presidential power' in 90 years. What can the POTUS do now?</a><h2>Stocks up, wages flat: Wall Street's paradox</h2>Overall, Wall Street benchmarks have been in lock-step with defence stocks. But step back, and the broader economy tells a very different story.The S&amp;P 500 is up nine per cent this year, but core inflation sits at 2.9 per cent, and headline inflation at 4.2 per cent, well above the Federal Reserve's two per cent target.<a href="https://www.wionews.com/videos/stocks-up-wages-flat-wall-street-s-paradox-1783059112118/embed">https://www.wionews.com/videos/stocks-up-wages-flat-wall-street-s-paradox-1783059112118/embed</a><h2>Inflation climbs while markets celebrate</h2>Both those inflation measures are climbing, and not falling, with price pressures above the Fed target for well over 5 years now. The US central bank, under new chair Kevin Warsh, just held rates steady last month, but markets are now pricing a rate hike by October, a sharp reversal from earlier bets on cuts. Warsh has vowed to target inflation and bring it below the target soon.US unemployment has sat around four per cent for nearly a year, and the reason for the steady reading is that some Americans have stopped looking for a job entirely. The participation rate has fallen significantly, pointing to the weakening jobs market outlook. That's also pointing to a soft landing and an economy decoupling from Wall Street's euphoria.Also read | <a href="https://www.wionews.com/india-news/can-india-withstand-another-west-asia-crisis-how-israel-hezbollah-iran-tensions-could-hit-its-energy-security-wion-decodes-1782374369218">Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes</a><h2>Who benefited from the 40-day Iran war?</h2>The war itself hit global supply chains hard. The World Food Programme says food insecurity may now touch 363 million people worldwide, driven by the Strait of Hormuz disruption and an energy price shock.So who really benefited? Defence contractors, certainly. Energy traders, likely. Ordinary Americans facing sticky prices and a Fed that's turned hawkish again - not so much.With US midterms on November 3, that gap between index charts and grocery bills may be Washington's next real battle.

As defence stocks surge and a record $1.15 trillion US military budget takes shape, a key question remains: who really benefited from the 40-day Iran war? Scroll down to see why Wall Street is celebrating while many Americans are still battling inflation, high prices and economic uncertainty.

The war in West Asia has likely come to an end, but profits for some have not. Five months after the US and Israel launched "Operation Epic Fury" against Iran, Wall Street and the defence sector are still cashing in. Under Trump 2.0, General Dynamics' stock has surged over 23 per cent. L3-Harris is up 15 per cent, Lockheed Martin has risen 13 per cent. The new Defence Authorisation bill now calls for $1.15 trillion in military spending, marking the first time the defence outlay projection has surpassed the trillion-dollar mark. Defence firms trade at 22 to 25 times forward earnings, a premium that history rarely supports. The market currently isn't betting on peace, but it is betting on the backlog of military equipment depleted during the war. Also read | US Supreme Court hands Trump 'greatest increase in presidential power' in 90 years. What can the POTUS do now? Stocks up, wages flat: Wall Street's paradox Overall, Wall Street benchmarks have been in lock-step with defence stocks. But step back, and the broader economy tells a very different story. The S&P 500 is up nine per cent this year, but core inflation sits at 2.9 per cent, and headline inflation at 4.2 per cent, well above the Federal Reserve's two per cent target. https://www.wionews.com/videos/stocks-up-wages-flat-wall-street-s-paradox-1783059112118/embed Inflation climbs while markets celebrate Both those inflation measures are climbing, and not falling, with price pressures above the Fed target for well over 5 years now. The US central bank, under new chair Kevin Warsh, just held rates steady last month, but markets are now pricing a rate hike by October, a sharp reversal from earlier bets on cuts. Warsh has vowed to target inflation and bring it below the target soon. US unemployment has sat around four per cent for nearly a year, and the reason for the steady reading is that some Americans have stopped looking for a job entirely. The participation rate has fallen significantly, pointing to the weakening jobs market outlook. That's also pointing to a soft landing and an economy decoupling from Wall Street's euphoria. Also read | Can India withstand another West Asia crisis? How Israel-Hezbollah-Iran tensions could hit its energy security | WION Decodes Who benefited from the 40-day Iran war? The war itself hit global supply chains hard. The World Food Programme says food insecurity may now touch 363 million people worldwide, driven by the Strait of Hormuz disruption and an energy price shock. So who really benefited? Defence contractors, certainly. Energy traders, likely. Ordinary Americans facing sticky prices and a Fed that's turned hawkish again - not so much. With US midterms on November 3, that gap between index charts and grocery bills may be Washington's next real battle.

As defence stocks surge and a record $1.15 trillion US military budget takes shape, a key question remains: who really benefited from the 40-day Iran war? Scroll down to see why Wall Street is celebrating while many Americans are still battling inflation, high prices and economic uncertainty.

Who really benefitted from the Iran war?

Hunter Biden has taken a major swipe at Donald Trump for not being able to bring the war in Iran to an end. In an X post, former President Joe Biden's son wrote, "I am officially nominating Donald J. Trump (@realDonaldTrump) for the Nobel Peace Prize. No President in History has ended the same war so many times." United States and Tehran have reached a ceasefire a few times and finally signed the MoU on June 17, 2026. However, &nbsp;despite the ceasefire, drone and missile strikes targeted commercial vessels navigating the Strait of Hormuz. On June 26, a Singapore-flagged commercial ship was hit by an explosive drone, damaging the upper deck. A day later, a Panama-flagged tanker came under projectile attack.&nbsp;President Trump ordered the US military to retaliate with airstrikes on targets inside Iran. U.S. Central Command (CENTCOM) targeted several coastal locations, including Iranian missile storage facilities, drone launch sites and coastal radar networks. Iran’s Islamic Revolutionary Guard Corps (IRGC)said the US was in breach of the newly signed MoU and launched massive counter-attacks.&nbsp;

<blockquote class="twitter-tweet">I am officially nominating Donald J. Trump (<a href="https://x.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>) for the Nobel Peace Prize. No President in History has ended the same war so many times. Our Dear Leader has ended the war with Iran at least 38 times by CNN’s count. No President has ever done this before. And he…&mdash; Hunter Biden (@HunterBiden) <a href="https://x.com/HunterBiden/status/2072738034311745948?ref_src=twsrc%5Etfw">July 2, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Biden demands Nobel Peace Prize for Trump</h2>Biden mocked Trump for demanding the Nobel Peace Prize multiple times, claiming that he had successfully settled or prevented "eight major wars", saving millions of lives. "They don't think eight wars are enough, even though nobody has ever done one... In theory, you should get the Nobel Prize for every war you stopped," Trump said months ago.&nbsp;Biden wrote in his post, "Our Dear Leader has ended the war with Iran at least 38 times by CNN’s count. No President has ever done this before. And he is nowhere near finished ending it."He called on the Nobel Prize committee to take note of Trump's achievement. "It’s a record worthy of the Nobel committee’s recognition. Thank you for your attention to this matter!"&nbsp;His post garnered mixed reactions, with some joining in the mockery, while others took a shot back at Hunter. "It was 100 wars Hunter …geez get your facts straight," a user wrote, sharing the screenshot of a Truth Social post by Trump in which he declared "some say I have stopped over 100 wars."&nbsp;<h2>People call Biden ‘crackhead’, others say he makes a valid point</h2>People started attacking Hunter Binder in the comments, calling him a "crackhead" and recalling the time when a bag of coke was found in the White House. They called him out for his personal life, with one writing, "You're one of the most disgraceful individuals to ever enter public life."&nbsp;Meanwhile, others admitted that Hunter may have been in the wrong in several other things, but he makes a valid point in this case. "Ok he actually says something good weather or not you believe him," a user wrote. Another said, "Not a big fan of mister Hunter Biden here, but this is pretty funny I have to admit."&nbsp;The control over the Strait of Hormuz has been a major point of contention in peace negotiations. Iran wants to charge tolls, but the US and Gulf nations are against it.

Hunter Biden says Donald Trump should get the Nobel Peace Prize for stopping the same war multiple times. The Iran War is still continuing, with the US and Iran launching attacks and counter-attacks. Not everyone was amused by his post, although some admitted he had a point. 

Hunter Biden has taken a major swipe at Donald Trump for not being able to bring the war in Iran to an end. In an X post, former President Joe Biden's son wrote, "I am officially nominating Donald J. Trump (@realDonaldTrump) for the Nobel Peace Prize. No President in History has ended the same war so many times." United States and Tehran have reached a ceasefire a few times and finally signed the MoU on June 17, 2026. However, despite the ceasefire, drone and missile strikes targeted commercial vessels navigating the Strait of Hormuz. On June 26, a Singapore-flagged commercial ship was hit by an explosive drone, damaging the upper deck. A day later, a Panama-flagged tanker came under projectile attack. President Trump ordered the US military to retaliate with airstrikes on targets inside Iran. U.S. Central Command (CENTCOM) targeted several coastal locations, including Iranian missile storage facilities, drone launch sites and coastal radar networks. Iran’s Islamic Revolutionary Guard Corps (IRGC)said the US was in breach of the newly signed MoU and launched massive counter-attacks.

Hunter Biden says Donald Trump should get the Nobel Peace Prize for stopping the same war multiple times. The Iran War is still continuing, with the US and Iran launching attacks and counter-attacks. Not everyone was amused by his post, although some admitted he had a point.&nbsp;

'No President in History...': Hunter Biden nominates Trump for Nobel Peace Prize for ending the same war '38 times'

Iranian Foreign Minister Abbas Araghchi on Friday criticised the United States Central Command after a regional security conference in Bahrain brought together military leaders from 12 countries, including Syria and Lebanon. He said lasting peace in West Asia must come from within the region and without external involvement.&nbsp;"Peace in our region can only be sustained when comprehensive and inclusive, with no outside interference," Araghchi said.&nbsp;The summit, hosted by the Bahrain Defence Force, focused on strengthening regional air defence cooperation and protecting key maritime shipping routes.&nbsp;&nbsp;Reacting to the meeting in Manama, Araghchi rejected the view that Western military involvement has improved stability in West Asia. In a post on X, he argued that regional countries should be responsible for their own security rather than relying on outside powers.&nbsp;"Has CENTCOM brought security or insecurity to our region? The answer is clear," Araghchi stated. “Equally, our Powerful Armed Forces have proven that outsiders cannot even protect themselves.”

<blockquote class="twitter-tweet">Has CENTCOM brought security or insecurity to our region? The answer is clear. Equally, our Powerful Armed Forces have proven that outsiders cannot even protect themselves. Peace in our region can only be sustained when comprehensive and inclusive, with no outside interference. <a href="https://t.co/lvRYJGzUe8">https://t.co/lvRYJGzUe8</a>&mdash; Seyed Abbas Araghchi (@araghchi) <a href="https://x.com/araghchi/status/2072751070984462423?ref_src=twsrc%5Etfw">July 2, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

Also Read: <a href="https://www.wionews.com/world/ukraine-war-military-casualties-cross-2-million-russian-deaths-four-times-higher-study-finds-1783028524858">Ukraine war military casualties cross 2 million; Russian deaths four times higher: Study finds</a>&nbsp;Earlier this week, the US Central Command said senior military officials from 12 countries met in Bahrain to discuss the regional security environment and ways to strengthen defence cooperation.&nbsp;The conference, led by CENTCOM commander Adm. Brad Cooper and hosted by the Bahrain Defence Force, included representatives from Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, the United Arab Emirates and Yemen.&nbsp;According to CENTCOM, the participants reaffirmed their "commitment to the free flow of commerce" through the Strait of Hormuz, one of the world's most important maritime routes.&nbsp;Iran's Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, also criticised the Bahrain meeting and rejected what he described as Western efforts to shape the security framework of the Persian Gulf and the Strait of Hormuz.&nbsp;In a post on X, Gharibabadi said: "Hormuz is defined under Iran's command, not CENTCOM." He also argued that a military summit in Bahrain could not establish "legal order and security for the Persian Gulf".

Led by CENTCOM commander Adm. Brad Cooper, the conference brought together military leaders from 12 countries, who reaffirmed their "commitment to the free flow of commerce" through the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi on Friday criticised the United States Central Command after a regional security conference in Bahrain brought together military leaders from 12 countries, including Syria and Lebanon. He said lasting peace in West Asia must come from within the region and without external involvement. "Peace in our region can only be sustained when comprehensive and inclusive, with no outside interference," Araghchi said. The summit, hosted by the Bahrain Defence Force, focused on strengthening regional air defence cooperation and protecting key maritime shipping routes. Reacting to the meeting in Manama, Araghchi rejected the view that Western military involvement has improved stability in West Asia. In a post on X, he argued that regional countries should be responsible for their own security rather than relying on outside powers. "Has CENTCOM brought security or insecurity to our region? The answer is clear," Araghchi stated. “Equally, our Powerful Armed Forces have proven that outsiders cannot even protect themselves.”

Led by CENTCOM commander Adm. Brad Cooper, the conference brought together military leaders from 12 countries, who reaffirmed their "commitment to the free flow of commerce" through the Strait of Hormuz.

'Cannot even protect themselves': Iran's FM Araghchi slams CENTCOM over 12 nation security summit in Bahrain

#Gravitas Iran is preparing for what could become one of the largest state funerals in its modern history.  A farewell meant not only to honour the late supreme leader, Ayatollah Ali Khamenei, but also to project Iran's religious identity, political resilience and national unity before a global audience. 


Iran prepares for the largest state funeral in its history

Iran said on Wednesday (July 01) that part of its initial $6 billion in frozen assets will be used to purchase essential goods following talks in Doha on implementing the memorandum of understanding between Tehran and Washington.&nbsp;Deputy Foreign Minister Kazem Gharibabadi said discussions with Qatari officials, including representatives of the Central Bank, focused on how part of the funds would be used.&nbsp;"During the meetings with Qatari officials, including the Central Bank, a number of issues related to the expenditure of part of the initial six billion dollars were reviewed," Gharibabadi said, according to the IRNA state news agency.&nbsp;"It was agreed that, based on the needs communicated by our country, the required goods would be purchased and made available to Iran."&nbsp;Under the memorandum of understanding that halted the war between Iran and the United States, Washington agreed to make Iran's frozen or restricted assets available as part of implementing the agreement. However, it remains unclear how the funds will be released, how the mechanism will operate, or when it will take effect.&nbsp;The announcement followed a round of talks in Doha, where the Iranian delegation met Qatari and Pakistani mediators to discuss implementation of the Islamabad memorandum of understanding with the United States.&nbsp;The $6 billion refers to part of Iran's oil revenues transferred from South Korea to restricted accounts in Qatar since 2023.&nbsp;Gharibabadi said that a meeting of the monitoring group tasked with overseeing the MoU’s implementation was held with the participation of senior negotiators from the three countries.&nbsp;“US violations of its commitments under Clause 1 of the Memorandum of Understanding regarding the cessation of war in Lebanon, reports of US efforts to reinforce equipment and forces in the region.”&nbsp;&nbsp;The deputy foreign minister also said the participants agreed that "a communication channel would be established by tomorrow" to report and record violations of the memorandum.&nbsp;Also Read: <a href="https://www.wionews.com/world/after-tariff-blow-trump-refuses-to-extend-us-trade-pact-with-canada-and-mexico-he-negotiated-in-first-term-1782936096825">After tariff blow, Trump refuses to extend US trade pact with Canada and Mexico he negotiated in first term</a>&nbsp;Last month, Iranian Foreign Ministry spokesman Esmaeil Baqaei said Tehran alone would decide how to use the released assets, "in whatever way is most beneficial and favourable to the country".&nbsp;He also said the funds would "be available for Iran to freely use as it sees fit to supply the goods that the country needs".&nbsp;US Vice President JD Vance said in June that the United States and Qatar "have approval over that process" of the release of frozen funds. Vance also suggested the money could be used to buy US products, including agricultural goods such as soybeans.

The deputy foreign minister also said the participants agreed that "a communication channel would be established by tomorrow" to report and document violations of the memorandum.

Iran said on Wednesday (July 01) that part of its initial $6 billion in frozen assets will be used to purchase essential goods following talks in Doha on implementing the memorandum of understanding between Tehran and Washington. Deputy Foreign Minister Kazem Gharibabadi said discussions with Qatari officials, including representatives of the Central Bank, focused on how part of the funds would be used. "During the meetings with Qatari officials, including the Central Bank, a number of issues related to the expenditure of part of the initial six billion dollars were reviewed," Gharibabadi said, according to the IRNA state news agency. "It was agreed that, based on the needs communicated by our country, the required goods would be purchased and made available to Iran." Under the memorandum of understanding that halted the war between Iran and the United States, Washington agreed to make Iran's frozen or restricted assets available as part of implementing the agreement. However, it remains unclear how the funds will be released, how the mechanism will operate, or when it will take effect. The announcement followed a round of talks in Doha, where the Iranian delegation met Qatari and Pakistani mediators to discuss implementation of the Islamabad memorandum of understanding with the United States. The $6 billion refers to part of Iran's oil revenues transferred from South Korea to restricted accounts in Qatar since 2023. Gharibabadi said that a meeting of the monitoring group tasked with overseeing the MoU’s implementation was held with the participation of senior negotiators from the three countries. “US violations of its commitments under Clause 1 of the Memorandum of Understanding regarding the cessation of war in Lebanon, reports of US efforts to reinforce equipment and forces in the region.” The deputy foreign minister also said the participants agreed that "a communication channel would be established by tomorrow" to report and record violations of the memorandum. Also Read: After tariff blow, Trump refuses to extend US trade pact with Canada and Mexico he negotiated in first term Last month, Iranian Foreign Ministry spokesman Esmaeil Baqaei said Tehran alone would decide how to use the released assets, "in whatever way is most beneficial and favourable to the country". He also said the funds would "be available for Iran to freely use as it sees fit to supply the goods that the country needs". US Vice President JD Vance said in June that the United States and Qatar "have approval over that process" of the release of frozen funds. Vance also suggested the money could be used to buy US products, including agricultural goods such as soybeans.

The deputy foreign minister also said the participants agreed that "a communication channel would be established by tomorrow" to report and document violations of the memorandum.

Iran concludes Doha talks, to use frozen funds to buy 'necessary goods'

US Vice President JD Vance believes the next few weeks could shape the future of relations between Washington and Tehran, but he is not ready to declare victory just yet. Speaking on The Michael Knowles Show on Tuesday (Jun 30), Vance described the current moment as a potentially significant turning point in the long-running standoff between the two countries.<h2>'Important historical moment'</h2>During the interview, Vance outlined the Donald Trump administration's core objectives for West Asia and cautioned that much depends on how Iran responds to the economic and diplomatic pressure being applied by the US."Could this be a very important historical moment? The answer is obviously yes," Vance said. "But how exactly this plays out is very much contingent on the way that the Iranians respond to the leverage the president has put on them."While officials have spoken optimistically about the possibility of progress, Vance made it clear that scepticism remains."If they respond well, I think we're gonna look back at this and say we turned over a new leaf," he said. "A lot of people are sceptical, including me, that it will ultimately happen.""And if the Iranians perform or behave poorly, then I think that we still have a lot of leverage points to ensure that this ends up in a place that is good for America's objective," he added.Also read | <a href="https://www.wionews.com/world/us-iran-peace-deal-inside-the-14-point-mou-that-ended-over-108-days-of-war-wion-decodes-donald-trump-mojtaba-khamenei-benjamin-netanyahu-lebanon-1781513800001">US-Iran peace deal: Inside the 14-point MoU that ended over 108 days of war | WION Decodes</a><h2>Beyond a nuclear deal</h2>Vance suggested that Washington's ambitions extend well beyond a traditional nuclear agreement. According to him, the Trump administration is seeking what it describes as durable and verifiable commitments from Tehran, backed by inspections and oversight mechanisms."We want durable commitments that are verifiable and backed up by inspections that Iran will denuclearise their entire country," Vance said.The vice president said Washington is also examining how any future arrangement would fit into a wider regional framework involving Gulf Arab states, Israel and Lebanon. "We're gonna play that situation out," he said. The goal, he suggested, is to create a more stable security architecture across the Middle East rather than simply negotiate a standalone agreement with Tehran."We want to see what kind of an arrangement actually exists in the Middle East between not just Iran and the United States, but the GCC, Israel, Lebanon," he said.Also read | <a href="https://www.wionews.com/world/will-increase-tensions-iran-issues-fresh-warning-over-strait-of-hormuz-shipping-routes-1782694812472">'Will increase tensions': Iran issues fresh warning over Strait of Hormuz shipping routes</a><h2>'The end of the beginning'</h2>Even as diplomatic activity intensifies, Vance urged observers not to read too much into every development. Quoting Secretary of State Marco Rubio, he described the current phase as "the end of the beginning" rather than the beginning of the end."There is a lot more game to play, and there are a lot more cards that we're going to see," Vance said.The vice president also expressed confidence that the administration still has significant leverage if negotiations stall or collapse."If the Iranians perform or behave poorly, then I think that we still have a lot of leverage points to ensure that this ends up in a place that is good for America's objective," he said.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US Vice President JD Vance has said the coming weeks could prove to be a defining moment in US-Iran relations, but cautioned that the outcome depends heavily on how Tehran responds to American pressure.

US Vice President JD Vance believes the next few weeks could shape the future of relations between Washington and Tehran, but he is not ready to declare victory just yet. Speaking on The Michael Knowles Show on Tuesday (Jun 30), Vance described the current moment as a potentially significant turning point in the long-running standoff between the two countries. 'Important historical moment' During the interview, Vance outlined the Donald Trump administration's core objectives for West Asia and cautioned that much depends on how Iran responds to the economic and diplomatic pressure being applied by the US. "Could this be a very important historical moment? The answer is obviously yes," Vance said. "But how exactly this plays out is very much contingent on the way that the Iranians respond to the leverage the president has put on them." While officials have spoken optimistically about the possibility of progress, Vance made it clear that scepticism remains. "If they respond well, I think we're gonna look back at this and say we turned over a new leaf," he said. "A lot of people are sceptical, including me, that it will ultimately happen." "And if the Iranians perform or behave poorly, then I think that we still have a lot of leverage points to ensure that this ends up in a place that is good for America's objective," he added. Also read | US-Iran peace deal: Inside the 14-point MoU that ended over 108 days of war | WION Decodes Beyond a nuclear deal Vance suggested that Washington's ambitions extend well beyond a traditional nuclear agreement. According to him, the Trump administration is seeking what it describes as durable and verifiable commitments from Tehran, backed by inspections and oversight mechanisms. "We want durable commitments that are verifiable and backed up by inspections that Iran will denuclearise their entire country," Vance said. The vice president said Washington is also examining how any future arrangement would fit into a wider regional framework involving Gulf Arab states, Israel and Lebanon. "We're gonna play that situation out," he said. The goal, he suggested, is to create a more stable security architecture across the Middle East rather than simply negotiate a standalone agreement with Tehran. "We want to see what kind of an arrangement actually exists in the Middle East between not just Iran and the United States, but the GCC, Israel, Lebanon," he said. Also read | 'Will increase tensions': Iran issues fresh warning over Strait of Hormuz shipping routes 'The end of the beginning' Even as diplomatic activity intensifies, Vance urged observers not to read too much into every development. Quoting Secretary of State Marco Rubio, he described the current phase as "the end of the beginning" rather than the beginning of the end. "There is a lot more game to play, and there are a lot more cards that we're going to see," Vance said. The vice president also expressed confidence that the administration still has significant leverage if negotiations stall or collapse. "If the Iranians perform or behave poorly, then I think that we still have a lot of leverage points to ensure that this ends up in a place that is good for America's objective," he said. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US Vice President JD Vance has said the coming weeks could prove to be a defining moment in US-Iran relations, but cautioned that the outcome depends heavily on how Tehran responds to American pressure.

JD Vance says coming weeks could be decisive for US-Iran ties, warns 'a lot more game to play'

West Asia is once again sliding into extreme volatility as tensions between Israel and Iran reach a critical point.

Israel’s Defence Minister has warned that military action against Iran could be imminent, even “tomorrow,” as Tehran issues its own threats and signals readiness for escalation. At the same time, diplomatic efforts continue, with reports suggesting U.S. President Donald Trump is pushing for renewed talks with Tehran.

In a major intelligence twist, a leaked report claims Trump vetoed a covert Mossad operation targeting Iran: adding another layer of complexity to an already fragile geopolitical situation. We break down the escalating crisis and what it means for global stability.

Israel: War could start tomorrow | Iran warns of furious retaliation 

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