
A major military conflict erupted between the U.S.-Israel coalition and Iran starting in late February 2026, resulting in the death of Iran's Supreme Leader, blockade of the Strait of Hormuz, and a global energy crisis. This timeline tracks the escalation from initial strikes through regional destabilization and worldwide economic impacts.
12 events · 8 days · 23 source articles
The United States and Israel initiated a coordinated military campaign called 'Operation Epic Fury' targeting Iran's nuclear facilities and military infrastructure. The operation aimed to degrade Iranian military capabilities and effect regime change. Iran responded with missile and drone attacks against Israel and U.S. military bases in the UAE, Kuwait, and Qatar.
The initial wave of strikes resulted in the death of Iran's long-time Supreme Leader Ayatollah Ali Khamenei. This represented a significant decapitation strike against Iranian leadership and marked a dramatic escalation in the conflict.
In direct retaliation, Iran's Islamic Revolutionary Guard Corps closed the Strait of Hormuz, a critical maritime chokepoint through which approximately 20% of global oil passes. This strategic move immediately threatened global energy supplies and marked a significant expansion of the conflict's economic impact.
QatarEnergy declared force majeure and halted liquefied natural gas (LNG) production due to the conflict, further disrupting global energy markets. Qatar is a major LNG supplier, particularly to Europe and Asia, making this shutdown a critical blow to global energy security.
Global oil and gas prices experienced record increases as the Strait of Hormuz blockade and Qatari production halt took effect. Goldman Sachs raised its Q2 Brent crude forecast by $10, while Asian markets entered free fall amid inflation fears. JP Morgan warned of catastrophic oil supply losses.
The conflict created a critical shortage of air defense resources globally. Ukrainian President Volodymyr Zelensky offered Ukrainian drone interceptors to the U.S. in exchange for PAC-3 missiles, attempting to maintain Ukraine's defensive capabilities amid the global military resource crunch caused by the Middle East war.
Iranian cyber warfare groups launched hundreds of hacking attempts targeting internet-connected surveillance cameras across Israel and other Middle Eastern countries including Qatar, Bahrain, and Kuwait. The attacks exploited vulnerabilities in Hikvision and Dahua IP cameras as part of the broader conflict.
NATO forces intercepted an Iranian ballistic missile over Turkish airspace, marking the second such incident in a week. This brought the conflict dangerously close to triggering NATO's Article 5 collective defense clause, though the Alliance refrained from activation. The incident demonstrated the expanding geographic scope of the conflict.
U.S. and Israeli forces conducted targeted strikes against key oil facilities in Tehran and Alborz provinces, triggering humanitarian and ecological crises. Former UK Prime Minister Tony Blair publicly rebuked current PM Keir Starmer for insufficient support of Trump's Iran campaign, stating 'We should have backed America from the very beginning.'
As the conflict entered its tenth day, Iran appointed Mojtaba Khamenei, son of the slain Ali Khamenei, as the new Supreme Leader. This succession occurred amid ongoing intensive aerial bombardment and missile exchanges, ensuring regime continuity during the crisis.
Global financial markets experienced catastrophic losses totaling six trillion dollars as the energy crisis deepened. Oil prices reached record highs with the Strait of Hormuz remaining blocked. The G7 prepared emergency interventions using strategic petroleum reserves as economists warned of prolonged stagflation.
North Macedonia's energy regulator announced record weekly fuel price increases, with diesel rising 14.50 denars per liter. Opposition party SDSM, led by Venko Filipche, demanded immediate fiscal interventions including VAT and excise tax reductions to prevent the price shock from spreading to basic consumer goods.