War bill hits $37.5bn as US launches strikes on Iran

The U.S. military has carried out its 11th consecutive night of airstrikes against Iran, with U.S. Defense Secretary Pete Hegseth officially confirming that the ongoing war, which has lasted five months, has cost American taxpayers $37.5 billion to date.U.S. Central Command (CENTCOM) has focused on Iranian military operations centers, aircraft hangars, drone storage facilities, and logistics infrastructure.Recent strikes targeted Larak Island, areas near Qeshm Island, and activated air defenses around Tehran, the capital city. Additionally, an electrical installation close to the Bushehr nuclear power plant was struck.President Donald Trump has cautioned that the U.S. military may soon intensify its focus on Pickaxe Mountain, a fortified underground site believed to contain significant Iranian nuclear enrichment facilities.Secretary of State Marco Rubio has defended the ongoing military actions, asserting that they are essential to prevent Iran from establishing lasting hostility and control over the strategically important Strait of Hormuz shipping corridor.The official cost of $37.5 billion marks an increase of nearly $8 billion since May. Independent financial analysts suggest that the overall societal and economic repercussions—including fluctuating energy prices—could already surpass $100 billion.However, Defense Secretary Hegseth and Joint Chiefs Chairman Gen. Dan Caine have testified before the Senate Appropriations Committee to obtain an urgent $67 billion supplemental funding increase to replenish ammunition stockpiles and support operations in the Middle East.Reports indicate that U.S. casualties have risen to 18 service members killed and over 450 wounded since major combat operations commenced on February 28, 2026. President Trump is scheduled to participate in a dignified transfer ceremony at Dover Air Force Base for personnel recently killed by drone and missile strikes in Jordan and Iraq. In reaction to actions taken by the United States, Iran has initiated drone and missile attacks aimed at U.S. assets and hosting facilities in Kuwait, Bahrain, and Jordan. The military of Jordan has reported the interception of several Iranian missiles that were traversing its airspace.In the midst of the ongoing conflict and a simultaneous threat of a blockade in the Red Sea by Houthi rebels, global energy markets experienced a surge, with Brent crude reaching $92.09 per barrel and oil benchmarks trading at their highest levels in several weeks.Despite the intense nightly bombardments, Iranian Foreign Ministry spokesperson Esmaeil Baqaei, along with U.S. officials, has confirmed that indirect diplomatic communications through regional mediators are still in progress, aiming to establish a pathway toward a ceasefire.