CBO data reveals the financial toll of the US-Israel war on Iran as markets react to oil spikes and military escalation.
Published
The US war on Iran has cost at least $38 billion, per the Congressional Budget Office. The conflict, launched by the US and Israel in late February, has lasted over six months. This calculation covers expenses through August 1.
Financial instability continues on Wall Street, where markets closed lower following a spike in oil prices. The benchmark Treasury yield breached 5%, signaling deepening economic stress alongside the massive military expenditures.
Washington openly admitted to possessing orbital weapons, a move analysts frame as a landmark escalation in the arms race with China and Russia. This militarization of space occurs as the US pours billions into active conflicts.
Former Canadian Prime Minister Stephen Harper stated Canada had "no choice" but to walk away from US trade talks. Meanwhile, Scott Bessent defended Trump economic policies and announced plans to meet a Chinese official.
Sources: 1. Reuters US: US admission of orbital weapons seen as landmark moment in race with China, Russia - Reuters — https://news.google.com/rss/articles/CBMi2gFBVV95cUxNMExKc2lMT2dKSTQtc04tcGJoQ2FCa2dTelRkelJzaHRJdG1yQ1Z5ZFhjb2hLZ2VSQ2pBSVdodDZvemtvUDV0d2NZY2NURW1kanJpWHhERWl6eTF0QWhxZ0F5MFZpOTlnUG80SENfQUN4YXlURmgwZzRjamR5VzdtMXdCZEJXMEVfLXRTdXVwODd0b21rNUNqYjhreFQtbGtjX3laOG1CYjEyaFhCZmdCT0ZLZERHbTctdkpUUFBWS3pKS0NNclM4MTlfYjVTeTNwWEFPYk1Rdl9IZw?oc=5 (src1) 2. CTV News: Canada had ‘no choice’ but to walk away from U.S. trade talks: former PM Harper. Live updates here.