U.S.-Iran Conflict Day 13: Markets Rally as Allies Stabilize Oil Supply; Iran Targets U.S. Air Defenses

As the conflict between the United States and Iran enters its 13th day, global energy markets have shown unexpected resilience. Oil futures plummeted 10% following coordinated efforts by regional and global allies, including Canada, to release emergency oil reserves. Despite ongoing threats from Iranian drones in the Strait of Hormuz, major U.S. stock indices rose as investors reacted to President Trump’s assertions that the war would end sooner than anticipated. However, the aviation industry remains under pressure, warning of significant flight cuts due to a surge in jet fuel prices. On the ground, military dynamics have shifted toward a war of attrition. Iranian forces are reportedly prioritizing 'eyes and ears' operations, targeting U.S. radar and air defense infrastructure in Gulf nations such as Qatar and Kuwait. This strategy has led to a significant depletion of American Patriot and THAAD interceptors. President Trump characterized the progress as exceeding expectations, citing the elimination of Iranian leadership and suggesting that there remains 'practically nothing left to target.' The humanitarian toll continues to mount, with Iranian UN envoy Amir-Saeid Iravani reporting that U.S. and Israeli strikes have hit over 10,000 civilian sites. These reports coincide with domestic political shifts in Washington, where the Trump administration has requested a supplemental budget to cover approximately $5.6 billion in munitions costs. While some lawmakers expressed concern over the risks to U.S. special forces, the administration maintains that the conflict's end is near, potentially leading to further stabilization of global markets.