
In late February 2026, the United States and Israel launched a major military operation against Iran, triggering a global crisis that disrupted energy markets, killed Iran's supreme leader, and threatened to expand into a wider regional conflict. This timeline tracks the military escalation, economic shockwaves, and diplomatic fallout from the war's beginning through mid-March 2026.
14 events · 8 days · 13 source articles
The United States and Israel initiated coordinated airstrikes against Iran on February 28, 2026, marking the start of a major military campaign aimed at degrading Iranian military capabilities and regime change. The operation targeted Iran's nuclear program, missile systems, and military infrastructure. This marked the beginning of what would become a comprehensive war in the Middle East.
In the first wave of attacks, Iran's longtime Supreme Leader Ayatollah Ali Khamenei was killed. This represented a dramatic decapitation strike against Iran's leadership and a major escalation in the conflict. The assassination would trigger immediate succession concerns and intensified Iranian retaliation.
In response to the US-Israeli attacks, Iran threatened to close the Strait of Hormuz, a vital maritime chokepoint through which approximately one-fifth of the world's oil passes. This threat immediately sent shockwaves through global energy markets and raised fears of a worldwide oil crisis.
NATO forces intercepted an Iranian ballistic missile over Turkish territory, marking the second such incident within a week. This demonstrated that the conflict was directly threatening NATO member states, though the alliance stopped short of activating Article 5 collective defense provisions. Iran launched waves of drones and ballistic missiles targeting Israel and US military installations.
US and Israeli forces escalated attacks on Iran's energy sector, striking key oil facilities in Tehran and Alborz provinces. These attacks on critical petroleum infrastructure triggered a humanitarian and ecological crisis while further destabilizing the region and threatening global oil supplies.
As the war entered its tenth day, Iran appointed Mojtaba Khamenei, son of the slain Ali Khamenei, as the new Supreme Leader. This succession during wartime represented an attempt to maintain regime continuity, though it occurred amid intensive airstrikes and increasing economic instability.
British Prime Minister Keir Starmer initially denied President Trump permission to launch strikes on Iran from UK territory, prompting Trump to describe him as 'not Winston Churchill.' Former Prime Minister Tony Blair publicly rebuked Starmer, arguing Britain should have backed America from the beginning, exposing serious diplomatic tensions within the Western alliance.
Global oil prices experienced a record spike as Iran's threats to maritime traffic in the Strait of Hormuz materialized into an effective blockade. World stock markets faced losses totaling six trillion dollars, signaling the onset of potential long-term stagflation and global economic instability.
North Macedonia's energy regulatory commission announced dramatic fuel price increases, with diesel rising by 14.50 denars per liter and gasoline by 5 denars. The opposition SDSM party, led by Venko Filipche, demanded emergency fiscal interventions including VAT and excise tax reductions to prevent the price shock from cascading through the economy.
President Donald Trump announced in a CBS News interview that the military operation against Iran was 'practically over,' claiming that Iranian military infrastructure including the navy and air force had been largely destroyed. This declaration represented a dramatic shift in rhetoric and immediately impacted global markets.
In coordination with Trump's victory declaration, the G7 nations announced a historic release of strategic petroleum reserves to stabilize global oil supplies and prevent further market panic. This coordinated intervention was designed to counteract the supply disruption caused by the Strait of Hormuz blockade.
Following Trump's announcement and the G7 reserve release, global oil prices experienced a sharp reversal, falling below $90 per barrel. This dramatic turnaround brought temporary relief to energy markets, though control of the Strait of Hormuz remained a critical factor for long-term stability.
Governments across the Balkans, including Croatia and North Macedonia, implemented emergency measures to cap fuel prices and protect their economies from the volatile global oil market. Despite the recent price decline, authorities remained concerned about ongoing instability from the Middle East conflict.
By the third week of the conflict, President Trump confronted severe diplomatic isolation as key Western allies—including Germany, the UK, France, Italy, and Greece—explicitly refused to provide military support for securing the Strait of Hormuz. Trump's attempts to pressure NATO and China to join a coalition to protect the strategic waterway fractured alliance relationships while global oil markets remained highly unstable.