Pentagon official says cost of Iran war has climbed to about $29 billion

The cost of the war in Iran has climbed up to about $29 billion, Pentagon Comptroller Jules Hurst III said in testimony before a House Appropriations subcommittee hearing on the Defense Department’s budget request on Tuesday. In late April, the cost of the war stood at about $25 billion, Hurst added.

Acting Pentagon comptroller Jules Hurst, testifying before the House and Senate subcommittees that oversee Pentagon budget requests, said the price tag for the Iran war had risen to $29 billion due to updated repair and replacement of equipment costs.

“The joint staff team and the comptroller team are constantly looking at that estimate, and so now we think it’s closer to 29,” he said.

“That’s because of updated repair and replacement of equipment costs, and also just general operational costs keep people in theatre," he added.

It is unclear exactly how the Pentagon arrived at the cost estimate.

Earlier, the Pentagon told lawmakers that as per its estimate, the first six days of the war cost more than $11 billion.

Secretary of Defence, Pete Hegseth, testified last month before the House and Senate Armed Services Committees that the conflict had cost $25 billion up to that point, but US officials familiar with internal assessments suggested at the time that the war could already have cost close to $50 billion.

US forces prevent Malta-flagged tanker from crossing Hormuz

US Central Command (Centcom) said on Tuesday that its forces have prevented a Maltese-flagged tanker from crossing the Strait of Hormuz.

“Our forces prevented the oil tanker Agios Phanourios from crossing the Strait of Hormuz for violating the blockade,” said a Centcom spokesperson, while adding that the vessel was not transporting Iranian oil.

The spokesperson further said that US forces intercepted several tankers not carrying Iranian oil because they violated the embargo, adding that the US-imposed blockade on Iranian ports remains in place.

Inflation surged to 3.8% in April, highest in three years

Inflation surged to 3.8% in April, its highest level in nearly three years, according to data released Tuesday, as the war in Iran causes a ripple effect across the economy amid surging energy prices.

As inflation continues to accelerate, it’s eating into Americans’ wages at a rapid pace. April’s inflation rate means that prices are now rising faster than wages for the first time since 2023, which could lead to further aggravating the affordability crisis that is already hurting consumers.