The United States and Israel launched coordinated airstrikes on Iran beginning ~02:00 UTC on Feb 28, 2026. Trump announced "major combat operations" targeting Iran's nuclear program, ballistic missiles, and military/political leadership.
Iran immediately retaliated with missile strikes against US military bases across the Persian Gulf (5th Fleet in Bahrain, bases in Qatar, UAE) and against Israel. Multiple Gulf states are actively intercepting Iranian missiles.
Satellite imagery from Airbus shows multiple destroyed or heavily damaged structures within the Supreme Leader's Tehran compound. Blasts reported in Tehran, Tabriz, Qom, Karaj, Khorramabad, Kermanshah, and Ilam.
CNBC: "Bigger ramifications than Venezuela" β markets bracing for Strait of Hormuz disruption. Oil analysts see Brent potentially spiking well above $80 if Hormuz is threatened.
Pre-strike close (Feb 27): Dow -521 pts (-1.05%), S&P 500 -0.43%, Nasdaq -0.98%. Already under pressure from hot PPI data + AI sector rotation.
Expect Monday open: Risk-off trade. Gold up, dollar up, equities down. Defense stocks (RTX, LMT, NOC) likely surge. Airlines and travel hammered.