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Heaviest Day of Strikes Yet on Iran Despite Market Bets That War Will End Soon
Smoke rises following an explosion, amid the US-Israeli conflict with Iran, in Tehran, Iran, March 7, 2026. Picture taken with a mobile phone. Photo: Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
The United States and Israel pounded Iran on Tuesday with what the Pentagon and Iranians on the ground said were the most intense airstrikes of the war, despite global markets betting that President Donald Trump will seek to end the conflict soon.
Raising the stakes for the global economy, Iran‘s Revolutionary Guards said they would block oil shipments from the Gulf unless US and Israeli attacks cease.
“Today will be yet again, our most intense day of strikes inside Iran: the most fighters, the most bombers, the most strikes, intelligence more refined and better than ever,” US Defense Secretary Pete Hegseth told a Pentagon briefing.
Yet with Trump having described the war on Monday as “very complete, pretty much,” investors appeared convinced he would end it soon – before the disruption to global energy supplies worsened the global economy.
An historic surge in crude oil prices on Monday was mostly reversed within a day. Asian and European share prices staged a partial recovery from earlier precipitous falls, and Wall Street bounced to around its levels of late February, before the war.
A source familiar with Israel’s war plans told Reuters the Israeli military wanted to inflict as much damage as possible before the window for further strikes closes, under the assumption Trump could end the war at any time.
Israel’s foreign minister, Gideon Saar, said his country was not planning for an endless war and was consulting with Washington about when to stop it.
Iran has refused to bow to Trump’s demand that it let the United States choose its new leadership, naming hardliner Mojtaba Khamenei as supreme leader to replace his father, who was killed on the war‘s first day.
But occasionally contradictory remarks from Trump at a Monday press conference appeared to reassure markets he would stop his war before provoking an economic crisis like those that followed the Middle East oil shocks of the 1970s. He said the US had already inflicted serious damage and predicted the conflict would end before the four weeks he initially set out.
Trump has not defined what victory would look like, but on Monday did not repeat declarations that Iran must let him choose its leader.
Several congressional aides have said they expect the White House to soon request as much as $50 billion in additional funding for the war.
The US used $5.6 billion in munitions in the first two days of strikes against Iran, a source familiar with the information said on Tuesday.
“There is a big question mark over how long people can put up with the costs of this conflict,” said Clionadh Raleigh, CEO of US crisis-monitoring group Armed Conflict Location & Event Data, or ACLED.
Several senior Iranian officials voiced defiance on Tuesday.
“Certainly, we are not seeking a ceasefire; we believe the aggressor must be struck in the mouth so that they learn a lesson and never again think of attacking dear Iran,” Iran‘s parliament speaker, Mohammad Baqer Qalibaf, posted on X.
Foreign Minister Abbas Araqchi told PBS that Tehran was unlikely to resume negotiations with the US.
The war has effectively halted shipments through the Strait of Hormuz, where a fifth of global oil and liquefied natural gas normally passes along Iran‘s coast. Some of the world’s biggest producers have run out of storage and cut back output.
After Iran chose its hardline new leader, oil prices briefly surged to nearly $120 a barrel on Monday. But by 1500 GMT on Tuesday, Brent crude had settled back down below $90.
Trump said on Monday that if Iran blocks oil through the strait, “we will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world,” he said.
But a spokesperson for the Revolutionary Guards said Tehran would not allow “one liter” of Middle Eastern oil to reach the US or its allies while US and Israeli attacks continue.
“We are the ones who will determine the end of the war,” the spokesperson said.
Iran is fighting back but is not tougher than the US military expected before the war, the top US general told reporters on Tuesday, at the same briefing where Hegseth promised the Pentagon’s most intense day of strikes in the 10-day-old conflict.
Asked if Iran was a stronger adversary than he expected when the US military drew up its war plans, General Dan Caine, chairman of the Joint Chiefs of Staff, told reporters the fight was not harder than expected.
“I think they’re fighting, and I respect that, but I don’t think they are more formidable than what we thought,” Caine told the Pentagon briefing.
Ending the war quickly would appear to preclude toppling Iran‘s leadership, which held large-scale rallies on Monday in support of the new supreme leader.
Many Iranians want change and some openly celebrated the death of the elder Khamenei, weeks after his security forces killed thousands of people to put down anti-government protests. But there has been little sign of protest during the war.
At least 1,270 people have been killed since the US and Israeli airstrikes began on Feb. 28, according to Iranian state media reports.
Scores have also been killed in Israeli attacks on Lebanon to root out the Iran-backed terrorist group Hezbollah, which has fired into Israel in solidarity with Iran. Iran said four of its diplomats were killed in a strike on a hotel in Lebanon on Sunday.
Iranian strikes on Israel have killed 12 people. Iran has struck US military bases and diplomatic missions in Arab Gulf states but also hit hotels, closed airports and damaged oil infrastructure.
Australia will deploy a military surveillance aircraft to the Middle East and send missiles to the United Arab Emirates but will not put troops on the ground in Iran, Prime Minister Anthony Albanese said on Tuesday.
Australia‘s military support would help the Gulf countries defend themselves against unprovoked attacks from Iran, Albanese said, stressing Australia was “not a protagonist.”
“Our involvement is purely defensive,” Albanese told reporters. “And it’s in defense of Australians who are in the region as well as in defense of our friends in the United Arab Emirates.”
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U.S. Senate candidate from Michigan calls Israeli government ‘evil’ like Hamas
Abdul El-Sayed, a U.S. Senate candidate from Michigan, said in an interview aired Sunday that the Israeli government is as “evil” as Hamas, sharpening his criticism of Israel in the closely-watched Democratic primary.
“Killing tens of thousands of people makes you pretty damn evil,” El-Sayed told CNN congressional reporter Manu Raja on the network’s Inside Politics program. “It’s not how evil is this one versus that one — Hamas: Evil, Israeli government: Evil. We can say both.”
El-Sayed, 41, is a physician and the son of Egyptian immigrants. He is seeking to channel the energy of the 2024 Uncommitted movement, which protested the Biden administration’s support for Israel in the war against Hamas in Gaza. He is also hoping to build on the surprise success of the New York City mayoral campaign of Zohran Mamdani in taking on the Democratic establishment.
He is locked in a dead heat with state Sen. Mallory McMorrow and Rep. Haley Stevens. The primary is set for Aug. 4.
Earlier this month, El-Sayed faced backlash for appearing alongside streamer Hasan Piker, who has been accused of antisemitic rhetoric — including saying that Hamas “is a thousand times better” than Israel. McMorrow, who is married to a Jewish man, and Stevens, who is closely aligned with AIPAC, have both criticized El-Sayed.
In the CNN interview, El-Sayed defended his decision to campaign with Piker, framing it as an effort to reach voters who feel alienated from traditional politics. “My understanding of America is, it’s a place where we have freedom of speech,” he said.
#MISen Abdul El-Sayed on CNN Inside Politics: @mkraju: You said Israeli government is evil. Do you think they’re just as evil as Hamas?
El-Sayed: “Yes, killing tens of thousands of people makes you pretty damn evil. It’s not about how evil one is versus the other. Hamas —… pic.twitter.com/4GfJ5oCtqR
— Jacob N. Kornbluh (@jacobkornbluh) April 19, 2026
The Michigan Senate race is shaping up as one of the starkest tests of the Democratic coalition and how the party navigates policy towards Israel in Congress amid the wars in Gaza and Iran. The state is home to the largest concentration of Arab Americans in the United States.
Last week, 40 Senate Democrats voted to block $295 million for the transfer of bulldozers, used by the Israeli military to demolish homes in the West Bank and Gaza; 36 of them also supported a measure to block the sale of 1,000-pound bombs to the Jewish state. It shattered a previous high of 27 Democrats who backed a similar pair of resolutions of disapproval to block some weapons transfers last year.
Sen. Elissa Slotkin of Michigan, who is Jewish, was among those who voted for the measures. In remarks as they announced their votes, Democrats highlighted their opposition to the Israeli government’s policies in the occupied West Bank, the humanitarian situation in Gaza and the war with Iran.
The post U.S. Senate candidate from Michigan calls Israeli government ‘evil’ like Hamas appeared first on The Forward.
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NYC Mayor Mamdani Unveils Major Tax Hike on Unoccupied Luxury Real Estate
New York City Mayor Zohran Mamdani holds a press conference at the New York City Office of Emergency Management, as a major winter storm spreads across a large swath of the United States, in Brooklyn, New York City, US, Jan. 25, 2026. Photo: REUTERS/Bing Guan
i24 News – NYC Mayor Zohran Mamdani has officially introduced a controversial new tax targeting secondary residences valued at over $5 million.
The measure, designed to tap into the city’s vast concentration of unoccupied luxury wealth, is projected to generate roughly $500 million annually for the municipal budget.
“This tax is specifically aimed at the ultra-rich,” Mamdani stated, highlighting high-profile examples such as Ken Griffin’s $238 million Midtown penthouse and Alexander Varshavsky’s $20.5 million Columbus Circle residence.
While the city has yet to finalize specific evaluation criteria or the methods for distinguishing primary from secondary homes, the proposal has already become a flashpoint for economic debate.
The move has drawn sharp condemnation from billionaire investor Bill Ackman, who argued that the policy is fundamentally flawed.
Ackman contended that owners of luxury secondary residences contribute significant capital to the local economy without utilizing costly municipal services. He warned that the tax would likely trigger a corporate and high-net-worth exodus to low-tax jurisdictions like Miami, ultimately harming the city’s tax base.
President Donald Trump also entered the fray, denouncing the policy as “totally misguided” and claiming it is “destroying New York.” Trump, whose own extensive real estate holdings in the city could be impacted, argued that such taxation serves only to drive away the international investors who fuel New York’s development.
Implementation remains a significant question mark, as the tax could potentially affect nearly 13,000 property owners, including major figures like Jeff Bezos. Financial analysts point out that many of the city’s most expensive apartments are held through complex offshore structures and shell companies, making the identification and appraisal of these properties an immense administrative challenge for the city.
As the debate intensifies, the Mamdani administration faces a difficult path ahead in balancing its “tax the rich” mandate with the practical realities of New York’s competitive global real estate market.
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Iran Rebuffs Trump Announcement of New Peace Talks, State News Agency Reports
Iran rejected new peace talks with the United States, its state news agency reported on Sunday, hours after US President Donald Trump said he was sending envoys for talks in Pakistan and would launch new strikes on Iran unless it accepts his terms.
Trump posted on Truth Social that his envoys would arrive in Pakistan on Monday evening for negotiations, a timetable that would leave only a day for talks to make progress before a two-week ceasefire ends.
“We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran,” he wrote. “NO MORE MR. NICE GUY!”
Iran’s official IRNA news agency cited no specific source in its report that Iran had rejected the talks.
“Iran stated that its absence from the second round of talks stems from what it called Washington’s excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the ongoing naval blockade, which it considers a breach of the ceasefire,” IRNA wrote.
The White House did not immediately respond to a request for comment on Iran’s rejection of the talks.
Earlier, a White House official said the US delegation would be headed by Vice President JD Vance, who led the war’s first peace talks a week ago, and also include Trump’s envoy Steven Witkoff and son-in-law Jared Kushner. Trump had initially told ABC News and MS Now that Vance would not go.