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    1. Home
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    3. >US assault on Iran ahead of schedule, says US Middle East Commander
    Finance

    US assault on iran ahead of schedule, says US middle east commander

    Published by Global Banking & Finance Review®

    Posted on March 4, 2026

    4 min read

    Last updated: March 4, 2026

    US assault on Iran ahead of schedule, says US Middle East Commander - Finance news and analysis from Global Banking & Finance Review
    Tags:FinanceMarketsGeopoliticsBanking

    Quick Summary

    U.S. Central Command says “Operation Epic Fury” is progressing faster than planned — the first 24 hours nearly doubled the scale of “Shock and Awe,” degrading Iran’s defenses and sinking vessels. Global markets are rattled as oil, travel, and tourism sectors reeled, with flight cancellations and sur

    Table of Contents

    • Escalation of Conflict and Global Financial Impact
    • US and Israeli Military Actions Intensify
    • Operation Epic Fury: Scale and Strategy
    • US Casualties and Ground Force Considerations
    • Israeli Campaign Progress and Leadership Targets
    • Humanitarian Crisis and Regional Fallout
    • Tehran 'Ghost Town' and Civilian Impact
    • Regional Escalation: Lebanon and Hezbollah
    • Political Justifications and Economic Threats
    • US and Iranian Statements
    • Economic Retaliation and Global Oil Supply Risks

    US Military Offensive in Iran Accelerates, Shaking Financial Markets Globally

    Escalation of Conflict and Global Financial Impact

    By Parisa Hafezi and Alexander Cornwell

    US and Israeli Military Actions Intensify

    DUBAI/TEL AVIV, March 4 (Reuters) - The U.S. assault on Iran was ahead of schedule, said the top American commander for the Middle East, as Israel and the U.S. targeted sites deep inside the country, and Iran carried out strikes around the Gulf.

    The five-day-old war continued to rattle global markets, as airline and tourism industries scrambled to deal with more than 20,000 flight cancellations and governments rushed to bring stranded travellers home from the Middle East.

    The Israeli military said early on Wednesday it had begun a wave of strikes targeting Iranian launch sites, aerial defence systems and infrastructure.

    In Israel, air raid sirens sounded early on Wednesday warning of Iranian missiles, and loud blasts as the missiles were intercepted shook buildings, said witnesses.

    Operation Epic Fury: Scale and Strategy

        U.S. Admiral Brad Cooper, who leads U.S. forces in the Middle East as the head of Central Command, said the first 24 hours of the 'Operation Epic Fury' bombardment of Iran were "nearly double the scale" of the first 24 hours of the 'Shock and Awe' campaign that opened the Iraq War in 2003.

    "We are seeing that Iran's ability to hit us, and our partners, is declining, while our combat power, on the other hand, is building," Cooper said in a video briefing released on Tuesday evening. "My overall operational assessment is that we are ahead of our game plan."

    Cooper said Iran's air defences had been badly degraded, its navy had no operational vessels on key waterways after 17 were sunk, and that more than 2,000 Iranian targets had been hit.

    Some 50,000 U.S. troops were taking part in operations, and that "more capabilities" were on the way, he said.

    US Casualties and Ground Force Considerations

    The U.S. military on Tuesday identified four of the first American soldiers killed in the war, as the Trump administration warned the intensifying conflict would lead to more U.S. casualties. Trump has not ruled out using ground forces.

    Israeli Campaign Progress and Leadership Targets

    A source familiar with Israel's war plan told Reuters that the campaign had been planned to last two weeks and was going through its target list faster than expected, with early success in killing Iran's leaders - including Supreme Leader Ayatollah Ali Khamenei in the opening salvos on Saturday.  

    Trump said on Monday initial U.S. projections were for the operation to last four to five weeks.

    Humanitarian Crisis and Regional Fallout

    Tehran 'Ghost Town' and Civilian Impact

    TEHRAN 'GHOST TOWN'

    Iran said deaths from the attacks had reached 787 on Tuesday. That included 165 girls killed on the war's first day when their school was bombed, the highest toll among several civilian sites reported to have been hit. 

    As Iranians have fled cities, the capital Tehran has become a ghost town.

    “How long will this continue? Where are the shelters? Where is the government?” Bijan, 32, a bank employee, told Reuters by telephone from Tehran. “Every night my wife and I hide in the basement. The whole city is empty. There is smoke and blood everywhere.”

    Regional Escalation: Lebanon and Hezbollah

    Israel continued to target the pro-Iran Hezbollah group in neighbouring Lebanon on Wednesday, after the militants fired on Israel in retaliation for the death of Khamenei, 86, who had ruled Iran for 37 years.

    The Israeli military issued an evacuation warning on Wednesday to 16 villages in southern Lebanon, urging them to leave their homes, saying anyone near Hezbollah fighters, facilities or weapons would be putting their lives at risk.

    Several people were killed in an Israeli air strike on a four-storey residential building in the eastern Lebanese city of Baalbek, the state news agency NNA reported early on Wednesday.

    Political Justifications and Economic Threats

    US and Iranian Statements

    Trump has sought to justify the assault on Iran, saying he had ordered the campaign because he had "a feeling" Iran would attack after negotiations over its nuclear program stalled.

    Iran has called the war an unprovoked attack.

    Economic Retaliation and Global Oil Supply Risks

    "We have told the enemy that if you try to harm our main centres, we will hit all economic centres in the region," Revolutionary Guards adviser Ebrahim Jabari said in Iranian media.

    Iran has fired missiles and drones at neighbouring Arab states that host U.S. bases, and strangled shipping through the Strait of Hormuz, where a fifth of the world's supplies of oil and liquefied natural gas travel past its coast.

    (Reporting by Reuters bureaus; Writing by Brad Brooks and Michael Perry; Editing by Kevin Liffey, William Maclean, Cynthia Osterman and Raju Gopalakrishnan)

    Key Takeaways

    • •U.S. military says initial assault on Iran was “ahead of our game plan,” with degraded Iranian air defenses and 17 vessels sunk; 50,000 U.S. troops engaged and more en route (apnews.com)
    • •Global markets plunged: major indexes fell (Dow over 400–1,000 points), oil prices jumped 8–13% to over $80/barrel, VIX surged, and travel stocks and flights collapsed amid geopolitical uncertainty (theguardian.com)
    • •Energy and aviation sectors hit hard: gasoline prices rose over $3/gal, Strait of Hormuz disruptions triggered fears of $100 oil; airlines and hotels saw steep stock declines and widespread flight cancellations (forbes.com)

    References

    • As Mideast conflict widens, US says attacks on Iran will last weeks and intensify
    • Stock markets slump amid Iran war as gas prices jump 30% to three-year high
    • Iran War: Hotel And Airline Stocks Fall As Strikes Pummel Middle East

    Frequently Asked Questions about US assault on Iran ahead of schedule, says US Middle East Commander

    1How has the US assault on Iran affected global markets?

    The conflict has rattled global markets, leading to widespread disruption in the airline and tourism industries and over 20,000 flight cancellations.

    2What is 'Operation Epic Fury'?

    Operation Epic Fury is the US-led military campaign targeting Iranian sites, involving large-scale bombardments and significant troop deployments.

    3What impact has the war had on civilians in Iran?

    The war has resulted in hundreds of deaths, civilian sites being hit, and major cities like Tehran becoming deserted as residents flee.

    4Has the conflict involved other countries in the region?

    Yes, Israel has targeted Hezbollah positions in Lebanon, while Iran has launched attacks on neighbouring Arab states.

    5What are the potential long-term effects of this conflict on finance?

    Continued instability could further impact banking, trade, and investment, especially in sectors strongly tied to the Middle East.

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