Columbia Energy Exchange

On February 28, the United States and Israel launched a campaign against Iran targeting military infrastructure and the regime's core leadership. Supreme Leader Ayatollah Ali Khamenei and several senior officials died in the attacks, which triggered a leadership crisis and inflamed tensions throughout the Middle East.   In the immediate aftermath, Iran launched extensive barrages of drones and ballistic missiles aimed at Israel, US military bases, ​and other targets in neighboring Gulf states. Energy prices rose sharply. This regional shift carries immediate and enduring consequences for global geopolitics and the stability of international energy flows. ​The outcome of the conflict—and the ultimate fate of the Iranian regime—remains deeply uncertain. Even with these open questions, the trajectory of this escalation will likely redefine the future of Middle Eastern security, global power dynamics, and the world's energy markets. How is the conflict evolving, and how might it end? What are the impacts on Gulf