US military forces are maintaining relentless operations against Iran and Israel, launching a comprehensive series of attacks aimed at Iranian missile installations and air defense systems. A senior American commander described the campaign as being ahead of schedule and exceeding expectations.

Initially, the US had anticipated a rapid overthrow of Tehran’s clerical regime. However, Iran has continued to launch retaliatory strikes against Israel and throughout the Gulf region. In response to the death of Ayatollah Ali Khamenei during the initial attacks on Saturday, Iran has vowed to appoint a new supreme leader.

As the conflict enters its fifth day, global markets are showing signs of anxiety over the potential for an extended struggle in a region that is crucial for oil and gas exports. This uncertainty has driven up the prices of gold and the US dollar, as investors seek safe-haven assets.

The airline and tourism sectors are grappling with the fallout from over 20,000 flight cancellations, while governments are working urgently to repatriate travelers stranded in the Middle East.

Admiral Brad Cooper, the US Central Command chief overseeing the operation, reported that the mission involves 50,000 troops, 200 aircraft, and two aircraft carriers conducting continuous strikes on Iran. These efforts span from maritime to space and cyberspace, with additional resources on the way.

Admiral Cooper also disclosed that Iranian air defenses have been severely compromised, with the nation’s navy rendered inactive on critical waterways after the destruction of 17 vessels. Over 2,000 Iranian targets have been struck, according to a video briefing released Tuesday evening.

“My overall operational assessment is that we are ahead of our game plan,” he said. “In simple terms, we’re focused on shooting things that can shoot us.”

The Israeli military said early on Wednesday it had begun a broad wave of strikes targeting Iranian missile launch sites, aerial defence systems and command centres used to maintain control across the country.

Air raid sirens sounded warnings and buildings shook as incoming Iranian missiles were intercepted inside Israel, witnesses said.

Iran has called the war an unprovoked attack.

Oil prices continued to climb on Wednesday as Tehran attacked ships and energy facilities, closing navigation through the Strait of Hormuz, forcing production stoppages in countries from Qatar to Iraq and halting exports.

The Strait is under the “full control” of Iran’s navy, its Revolutionary Guards said on Wednesday, warning vessels not to transit the waterway, according to the semi-official ⁠Fars news agency. Its claim of having struck 10 tankers that ignored warnings could not be independently verified.

US President Donald ‌Trump said the US Navy could begin escorting oil tankers through the Strait if necessary. Ship owners and analysts were uncertain that would be enough to stop rising prices or whether the US can spare vessels to do so without exposing them to potential attacks.

Trump risks ‌political fallout if higher energy prices persist, as his Republican Party tries to retain power in the congressional midterm elections in November.

The US strikes against Iran already face headwinds at home and from key Western allies, with rising uncertainty over how long the conflict would last and who would take over control of Iran if the clerical leadership backed by the Revolutionary Guards collapses.

German Chancellor Friedrich Merz told reporters after speaking with Trump in Washington the plan to bring about political change in Iran, which would be positive for the Iranian people, “is not without risk”.

French President Emmanuel Macron said he was sending an aircraft carrier to the Mediterranean to help clear maritime traffic imperilled by the crisis but added: “the United States of America and Israel have decided to launch military operations; they were conducted outside international law, which we cannot ‌approve.”

In Washington, Trump’s top national security advisers spent much of Tuesday making the case to Congress, as some members of his party joined Democrats in saying the president should not send troops to fight abroad without its approval.

The US military on Tuesday identified four of the first American soldiers killed in the war, as the administration warned the conflict would lead to more US casualties. Trump has not ruled out using ground forces.

Iran said deaths from the attacks had reached 787 on Tuesday. That included 165 girls killed on the war’s first day when their school was bombed, the highest toll among several civilian sites reported to have been hit.

Trump denied Israel forced his hand into striking Iran and said he had ordered the campaign because he had “a feeling” Tehran would attack after negotiations over its nuclear program stalled.

As Iranians have fled cities, the capital Tehran has become a ghost town.

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