Banking News – The United States has spent more than US$37.5 billion on its ongoing military campaign against Iran, according to the U.S. administration, as fresh American airstrikes targeted Tehran and other strategic locations on Wednesday, further escalating tensions in the region.

U.S. President Donald Trump said the conflict is far from over, stressing that the current situation does not allow for a halt in military operations. Meanwhile, U.S. Defense Secretary Pete Hegseth revealed that the war has already cost US$37.5 billion, adding that billions of dollars in additional funding will be required to sustain military operations.

The U.S. military confirmed that it carried out its 11th consecutive night of airstrikes against Iran, targeting military logistics infrastructure aimed at weakening Iran’s capability to threaten commercial shipping through the Strait of Hormuz. Iranian state media reported strikes in several locations, including Bushehr, home to one of the country’s nuclear facilities, while air defense systems were activated across western, eastern, and northeastern Tehran.

The conflict, initially centered around the Strait of Hormuz, has expanded to other strategic maritime routes in the Middle East, raising concerns over global oil supplies and energy market stability. President Trump also suggested that the Pickaxe Mountain underground nuclear complex near Natanz could become a future U.S. military target. Western intelligence agencies have alleged that Iran may be constructing an undeclared uranium enrichment facility at the site.

In response, Iran warned that it would intensify attacks against U.S. interests and those of its allies. The Khatam al-Anbiya Central Headquarters stated that any further American military action would be viewed as an expansion of the regional war and would trigger retaliatory strikes against U.S. assets and allied interests.

Regional tensions have also spread beyond Iran. Kuwait said it intercepted a drone believed to have originated from Iran, while Bahrain claimed it had successfully repelled Iranian attacks. Both Kuwait and Jordan reported neutralizing drone and missile threats. Iran, however, stated that it had targeted U.S. air defense systems, radar installations, and administrative facilities located in Kuwait and Bahrain.

Adding to the growing instability, Iran-backed Houthi rebels in Yemen threatened to block Saudi Arabian ports, prompting President Trump to warn of a strong military response if such actions were attempted. Saudi Arabia also condemned the Houthi threats.

According to maritime security firm Vanguard Tech, two crude oil tankers departing Saudi Arabia’s Yanbu Port altered their routes in the Red Sea following the heightened security risks. Analysts warn that any disruption to Saudi oil export routes could have severe consequences for global energy markets.

The Islamic Revolutionary Guard Corps (IRGC) claimed that two tankers attempting to transit the Strait of Hormuz had been disabled by explosions. Separately, the United Kingdom Maritime Trade Operations (UKMTO) reported that an unidentified projectile struck a tanker near the coast of Oman.

Despite the escalating military conflict, diplomatic communication has not completely ceased. Iranian Foreign Ministry spokesperson Esmail Baghaei confirmed that indirect dialogue with the United States continues through mediators. Meanwhile, Pakistani Prime Minister Shehbaz Sharif, during a meeting with Iranian Interior Minister Eskandar Momeni, urged all parties to exercise restraint and avoid actions that could further destabilize the Middle East.