Iran War Price Tag Estimated at $12 Billion So Far

US Administration Faces Growing Pressure Over War Costs and Uncertainty

The US administration has spent $12 billion on its war against Iran since launching joint strikes with Israel on February 28, according to Kevin Hassett, director of the White House National Economic Council. This figure was disclosed during an interview on CBS’s Face the Nation on Sunday.

Hassett clarified that this amount is the latest he has been briefed on and does not represent a projected total for the entire war. The administration has faced criticism over its handling of the conflict, with concerns growing over its economic impacts on the Middle East.

The US government has spent an estimated $5 billion on munitions in the first week alone. Hassett acknowledged this figure but did not provide further details. He stated that financial markets are already anticipating a swift resolution to the conflict, which would lead to lower energy prices.

However, markets remain volatile due to Iranian threats to the Strait of Hormuz, a critical shipping route for 20% of global oil supplies. The administration has warned that any disruption to Gulf shipping would primarily affect countries dependent on the region’s oil.

The US Secretary of Defense, Pete Hegseth, has warned that the bombardment of Iran is about to surge dramatically. Meanwhile, the Trump administration’s statements on the goals of the war have shifted over time, from dismantling Iran’s nuclear program to degrading its missiles and threatening its oil infrastructure.

At least 1,444 people have been killed in Iran since strikes began on February 28, with 13 US soldiers also killed and over 140 wounded. The conflict has spread to Lebanon, and Gulf countries continue to face repeated drone and strike attacks from Iran.

Source: Al Jazeera