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    Global Markets Dip as Traders Gauge Fallout From U.S. Strikes on Iran

    Any disruption to traffic in the Strait of Hormuz would have significant economic effects, especially for Asian nations dependent on oil from the Middle East.Stocks edged lower and oil prices climbed in Monday trading in Asia, reflecting investor concern over potential economic fallout from the U.S. strikes on three Iranian nuclear facilities over the weekend.Futures contracts for the S&P 500, indicating how the index might perform when markets open in New York, slipped by about 0.3 percent. The price of West Texas Intermediate, the benchmark for U.S. crude, gained roughly 3 percent. Gold, a traditional safe-haven asset, also rose.Markets in Asia, the first to open after the strikes in Iran, were down. Stocks in Taipei, Taiwan, fell more than 1 percent. Benchmark indexes in Japan, Hong Kong and South Korea also dipped.Traders were waiting for clearer indications of whether there would be an escalation in conflicts in the Middle East — particularly any moves by Iran to disrupt shipping through the Strait of Hormuz.The Strait of Hormuz is a critical transit point for global oil supplies. Last year, about 20 million barrels of oil were shipped through the waterway each day, representing about 20 percent of the world’s total supply. Most of that oil was bound for Asia.Places like Japan and Taiwan rely on the Middle East for almost all of their crude oil imports, meaning that any disruption to traffic through the strait could inflict a large economic blow. China is the largest purchaser of Iranian oil.Oil prices, hovering around $76 a barrel, are expected to enter the $80 range, but if the risk of Iran blocking the Strait of Hormuz is seen as increasing, they will rise even further, said Takahide Kiuchi, executive economist at Nomura Research Institute. In that case, “the Japanese economy could be exposed to downside risks that exceed those of the Trump tariffs,” he said.Other analysts expect fallout from the U.S. strikes to be relatively short-lived.The oil market is better equipped to respond to shocks than it has been in the past because of spare capacity held by exporters, according to Daniel Hynes, a senior commodity strategist at ANZ Research. Geopolitical events involving producers can have a big impact on oil markets, but in recent years, prices have tended to quickly retreat as risks ease, Mr. Hynes said.Daniel Ives, an analyst at Wedbush Securities, said there could be more volatility in stock movements this week. But, he said, the market may view the Iran threat as “now gone.” In that case, he said, “the worst is now in the rearview mirror.”Joe Rennison More

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    How Trump Decided to Strike Iran

    Standing at the lectern in the White House briefing room on Thursday afternoon, Karoline Leavitt, the White House press secretary, read a message she said came “directly from the president.”Because of the “substantial chance of negotiations” with Iran that could bring the United States back from the brink of jumping into the war in the Middle East, President Trump’s statement said, he would make a decision about whether or not to strike Iran “within the next two weeks.”Mr. Trump had been under pressure from the noninterventionist wing of his party to stay out of the conflict, and was having lunch that day with one of the most outspoken opponents of a bombing campaign, Stephen K. Bannon, fueling speculation that he might hold off.It was almost entirely a deception. Mr. Trump had all but made up his mind to bomb Iran’s nuclear facilities, and the military preparations were well underway for the complex attack. Less than 30 hours after Ms. Leavitt relayed his statement, he would give the order for an assault that put the United States in the middle of the latest conflict to break out in one of the world’s most volatile regions.Mr. Trump’s “two weeks” statement was just one aspect of a broader effort at political and military misdirection that took place over eight chaotic days, from the first Israeli strikes against Iran to the moment when a fleet of B-2 stealth bombers took off from Missouri for the first American military strikes inside Iran since that country’s theocratic revolution in 1979.Journalists watching as President Trump addressed the nation after American bombs were dropped on Iranian nuclear sites on Saturday night.Anna Rose Layden for The New York Times More

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    JD Vance claims US is at war with Iran’s nuclear program, not Iran

    JD Vance has said the US is “not at war” with Iran – but is with its nuclear weapons program, holding out a position that the White House hopes to maintain over the coming days as the Iranian regime considers a retributive response to Saturday’s US strike on three of its nuclear installations.In an interview Sunday with NBC News’ Meet the Press, the US vice-president was asked if the US was now at war with Iran.“We’re not at war with Iran,” Vance replied. “We’re at war with Iran’s nuclear program.”But Vance declined to confirm with absolute certainty that Iran’s nuclear sites were completely destroyed, a position that Donald Trump set out in a Saturday night address when the president stated that the targeted Iranian facilities had been “completely and totally obliterated” in the US strikes.Vance instead said that he believes the US has “substantially delayed” Iran’s ability to develop a nuclear weapon.“I’m not going to get into sensitive intelligence about what we’ve seen on the ground there in Iran, but we’ve seen a lot, and I feel very confident that we’ve substantially delayed their development of a nuclear weapon, and that was the goal of this attack,” Vance said.He continued: “Severely damaged versus obliterated – I’m not exactly sure what the difference is.“What we know is we set their nuclear program back substantially.”An Iranian member of parliament claimed on Sunday that the Fordo enrichment plant, the focus of seven B-2 bombers armed with 14 premier bunker-busters from the US arsenal, was not seriously damaged.Those bombers returned to Missouri on Sunday.Separately, Bloomberg News said satellite images of the site undermined the Trump administration’s claims that Iran’s underground nuclear sites at Fordo and Natanz had been destroyed.Satellite images distributed by Maxar Technologies showed new craters, possible collapsed tunnel entrances and holes on top of a mountain ridge. But the main support building at the facility remained undamaged, the report said.Maxar said in a statement that images of Natanz showed a new crater about 5.5 meters (18ft) in diameter over the underground facility – but they did not offer conclusive evidence that the 40-meter-deep nuclear engineering site had been breached.The chair of the joint chiefs of staff, Gen Dan Caine, said at a Pentagon briefing on Sunday: “Final battle damage will take some time, but initial battle damage assessments indicate that all three sites sustained extremely severe damage and destruction.”Nuclear non-proliferation analysts are conflicted on whether the strikes will be effective in bringing Iran to the negotiating table or convince them to move more decisively toward enriching uranium stockpiles to weapons-grade, assembling a bomb, and manufacturing a delivery system.In a statement to Bloomberg, Darya Dolzikova, a senior research fellow at the Royal United Services Institute, said there were slim prospects that the US entering the war would convince Iran to increase International Atomic Energy Agency (IAEA) cooperation. The nuclear watchdog has said it is not sure where Iran’s 400lb stockpile of 60% uranium is.“The more likely scenario is that they convince Iran that cooperation and transparency don’t work and that building deeper facilities and ones not declared openly is more sensible to avoid similar targeting in future,” Dolzikova said.Iran’s foreign minister, Abbas Araghchi, said he planned to fly to Moscow to meet with Russia’s president, Vladimir Putin, on Monday morning for consultations. Separately, Israel’s prime minister, Benjamin Netanyahu, said his forces were progressing toward its goal of destroying Iran’s nuclear and ballistic missile threats.“We are moving step after step to achieve these goals. We are very, very close to completing them,” he said. More

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    Trump’s military attack on Iran reveals split among Maga diehards

    Saturday’s US strikes on Iran provoked conflicting reactions from isolationist Republicans who support Donald Trump’s Make America great again (Maga) movement, catching them – like many Democrats – between supporting efforts against nuclear proliferation and opposing American intervention in foreign conflicts.The far-right congresswoman Marjorie Taylor Greene – a loyalist to the president – reacted to the strikes by urging those in the US to pray that terrorists do not attack “our homeland” in retaliation.“Let us join together and pray for the safety of our US troops and Americans in the Middle East,” Greene wrote on X.But Greene had not been so supportive in a message posted 30 minutes before Trump announced news of the surprise strikes on Saturday evening.In that message, Greene wrote: “Every time America is on the verge of greatness, we get involved in another foreign war. There would not be bombs falling on the people of Israel if [its prime minister Benjamin] Netanyahu had not dropped bombs on the people of Iran first. Israel is a nuclear armed nation. This is not our fight. Peace is the answer.”The former Trump White House adviser Steve Bannon, who has been an opponent of US military intervention in Iran, hit out at the president for thanking Netanyahu in a national address shortly after the strikes.Speaking on his War Room web show, Bannon said, “It hasn’t been lost … that he thanked Bibi Netanyahu, who I would think right now – at least the War Room’s position is – [is] the last guy on Earth you should thank.”That came amid ongoing speculation that Trump’s decision to attack Iran’s nuclear sites on Saturday stemmed from information that Iran was close to developing a weapon – as supplied by Israeli, and not US, intelligence sources. The issue created an apparent split between Trump and the director of national intelligence, Tulsi Gabbard.The president recently criticized Gabbard and the US intelligence community, saying they were “wrong” in assessing that Iran had not taken the political step of ordering a bomb. Gabbard has denied that she and Trump were not on the same page.Nonetheless, Bannon continued his criticism of the strikes, saying: “I don’t think we’ve been dealing from the top of the deck.”The former White House adviser also criticized Trump for leaving open the possibility of further US strikes if Iran fails to capitulate to US demands. “I’m not quite sure [it was] the talk that a lot of Maga wanted to hear,” he said. “It sounded … very open-ended.”Days earlier, amid signs of a Maga rebellion against the administration’s increasingly hawkish stance on Iran, Bannon told an audience in Washington that bitterness over the invasion and occupation of Iraq was a driving force for Trump’s first presidential victory. “One of the core tenets is no forever wars,” Bannon said.Bannon, though, said “the Maga movement will back Trump” despite its opposition to military interventions.But there are now signs that the Maga “America first” isolationist position may be more amenable to limited airstrikes. The administration has stressed that Saturday’s raids only targeted Iran’s nuclear enrichment and not manufacturing locations, population centers or economic assets, including the oil terminal at Karg island.The far-right influencer Charlie Kirk had warned of a Maga divide over Iran, saying “Trump voters, especially young people, supported [him] because he was the first president in my lifetime to not start a new war.”Yet on Sunday, Kirk reposted a clip of an interview with JD Vance on Meet the Press in which the vice-president praised the B-2 pilots from Missouri who carried out the previous day’s bombing.“They dropped 30,000 pound bombs on a target the size of a washing machine, and then got back home safely without ever landing in the Middle East,” Vance said in the clip. “Whatever our politics, we should be proud of what these guys accomplished.”In that interview, Vance suggested Trump had “probably” decided by mid-May that the diplomatic process with Iran was “not going anywhere”. But Vance refused to be drawn on when precisely Trump approved the strike, saying it probably came “over time”. More

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    Iran’s Fordo Nuclear Site Said to Look Severely Damaged, Not Destroyed

    Initial military assessments of the buried nuclear site contrast with the statement on the strike there made by President Trump.After overnight strikes on Iran, President Trump on Sunday declared the operation a “success,” and said that Iran’s nuclear enrichment facilities were “completely and totally obliterated.” But his early public pronouncements contrast with more cautious assessments by the U.S. and Israeli militaries.The Israeli military, in an initial analysis, believes the heavily fortified nuclear site at Fordo has sustained serious damage from the American strike on Sunday, but has not been completely destroyed, according to two Israeli officials with knowledge of the matter. The officials also said it appeared Iran had moved equipment, including uranium, from the site.A senior U.S. official similarly acknowledged that the American strike on the Fordo site did not destroy the heavily fortified facility but said the strike had severely damaged it, taking it “off the table.” The person noted that even 12 bunker-busting bombs could not destroy the site.The damage assessments by Israel and the United States are ongoing, and they have not made any final conclusions. The officials spoke on the condition of anonymity to discuss intelligence matters.In its overnight strikes, the United States took aim at three nuclear site, including dropping 30,000 pound, bunker-busting bombs on Fordo, Iran’s most critical site.In a briefing Sunday morning, top Pentagon officials echoed President Trump’s claims of success, while also saying the final assessment would take time. Gen. Dan Caine, the new chairman of the Joint Chiefs of Staff, said that the initial assessment indicated that all three sites sustained “severe damage and destruction,” but added that it was too soon to say whether Iran retained some nuclear capability.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Pentagon Details Multipronged Attack on Iranian Nuclear Sites

    B-2 stealth bombers, fighter aircraft and submarine-launched cruise missiles struck Fordo, Natanz and Isfahan during “Operation Midnight Hammer.”Senior Pentagon officials on Sunday described an extraordinary coordinated military operation targeting Iran that took place under utmost secrecy and showcased what the American military was capable of when it put in place its doctrine of using air and naval forces to strike an adversary.But neither Defense Secretary Pete Hegseth nor Gen. Dan Caine, the chairman of the Joint Chiefs of Staff, could immediately say whether Iran still retained the ability to make a nuclear weapon. Mr. Hegseth repeated President Trump’s assertion from the previous night that the nuclear sites had been “obliterated.” General Caine did not.The final battle damage assessment for the military operation against Iran, General Caine said, was still to come. He said the initial assessment showed that all three of the Iranian nuclear sites that were struck “sustained severe damage and destruction.”Mr. Hegseth and General Caine, appearing before reporters in the Pentagon’s briefing room for the first time since they took office, described an intricate operation that began at Whiteman Air Force Base in Missouri, home to the B-2 stealth bombers used in the strikes, and hit three nuclear sites in a span of less than a half-hour — 6:40 p.m. to 7:05 p.m. Eastern time on Saturday.The bombers took off in secrecy on Friday night from Missouri for the more than 7,000-mile trip, which involved multiple refuelings. They crossed the Atlantic Ocean and Mediterranean Sea to reach the skies above Iran, where they struck the heavily fortified nuclear site at Fordo, as well as facilities at Natanz.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Democrats say they were left in dark about plans for US strikes on Iran

    Senior Democrats have claimed they were left in the dark about operation Midnight Hammer, the US’s highly coordinated strike on Saturday on Iran’s nuclear enrichment program.Neither Mark Warner, a US senator of Virginia, nor Jim Himes, a representative of Connecticut, both top Democrats on the Senate and House intelligence panels, were briefed before the attack, according to reports.But that came amid claims that Republican counterparts were given advance notice of the operation, which involved 125 aircraft – including seven B-2 bombers carrying 14 bunker busters weighing three tons – and 75 Tomahawk missiles launched from US submarines. Axios reported that the Senate minority leader, Chuck Schumer, had been informed shortly before the attacks began at 6.40pm eastern time.Himes’s committee staff received notification about the strike from the Pentagon only after Donald Trump made the announcement on social media soon before 8pm, according to the outlet.The president’s defense secretary, Pete Hegseth, told a press conference early on Sunday that the strikes “took months and weeks of positioning and preparation so that we could be ready when the president called”.“It took misdirection and the highest of operational security,” Hegseth said, in part alluding to the US’s deployment of B-2 bombers to the Pacific island of Guam earlier on Saturday.The US attack of Iran came as most Democrats had left Washington for the Juneteenth holiday – but the apparent lack of forewarning to lawmakers on intelligence committees is striking. Top lawmakers are typically informed of military operations in advance.“Cost, duration, risk to our troops, strategy – the basics before we make a decision of this consequence,” said Chris Coons, a senior Democratic member of the Senate foreign relations committee, last week.Arizona senator Mark Kelly told NBC’s Meet the Press on Sunday that the White House should have been “right up front” in coming to Congress “and asking for authorization to do this”.“That’s the constitutional approach to this,” Kelly said. “He could have talked to us about what the goal is and what the plan is ahead of time.”Tim Kaine, a Virginia senator who sits on the armed services as well as the foreign relations committees, said Congress needed to be informed ahead of time.“Congress needs to authorize a war against Iran,” he said. “This Trump war against Iran – we have not.” Senators are expected to receive a briefing on the strikes next week. But the signs that an attack was imminent were there to see: additional US military assets had been moved into the region, and the director of national intelligence, Tulsi Gabbard, had postponed a briefing with the Senate intelligence committee last week.Moderate and progressive Democrats have been in conflict over the engagement of US forces in support of Israel. Trump’s use of force could now deepen the ideological schism.Senator Adam Schiff, a California Democrat, told CNN on Sunday that “the destruction of these facilities is a positive in the sense that it will set back Iran’s program”. But he warned that Iran could now “sprint for a bomb”.He added that the strikes were “not constitutional” and Congress should be brought in “on an action this substantial that could lead to a major outbreak of war”. But Schiff refused to be drawn in on whether the world was safer following the strike. “We simply don’t know,” he said.Schiff maintained that in absence of a briefing “this is an order that should not have been given”.Prominent Democrats with 2028 presidential aspirations have been notably silent on the 10-day war between Israel and Iran. “They are sort of hedging their bets,” said Joel Rubin, a former deputy assistant secretary of state during the Obama administration.“The beasts of the Democratic party’s constituencies right now are so hostile to Israel’s war in Gaza that it’s really difficult to come out looking like one would corroborate an unauthorized war that supports Israel without blowback.”But some had spoken out. Ro Khanna, a California congressman, called the White House threats of an attack on Iran “a defining moment for our party”. That came as progressive and isolationist lawmakers on the right found themselves uncomfortably aligned.Khanna had introduced legislation with the Kentucky Republican US House member Thomas Massie that called on Trump to “terminate” the use of US armed forces against Iran unless “explicitly authorized” by a declaration of war from Congress.Following the strike, Khanna posted on X: “Trump struck Iran without any authorization of Congress.”Khanna said Congress needed to “immediately return” to Washington to vote on the measure he and Massie co-authored. Kaine said he would bring a similar resolution to the Senate in the coming days.Massie said in response to the strikes: “This is not Constitutional.”The independent US senator Bernie Sanders of Vermont, who caucuses with the Democrats, said supporting the Israeli prime minister Benjamin “Netanyahu’s war against Iran would be a catastrophic mistake”. He introduced legislation prohibiting the use of federal money for force against Iran.The New York congresswoman Alexandria Ocasio-Cortez said on X that the decision to attack Iran’s nuclear sites was “disastrous”.“The President’s disastrous decision to bomb Iran without authorization is a grave violation of the Constitution and Congressional War Powers. He has impulsively risked launching a war that may ensnare us for generations. It is absolutely and clearly grounds for impeachment,” Ocasio-Cortez wrote.Halie Soifer, the chief executive officer of the Jewish Democratic Council of America, said in a statement: “This is an incredibly difficult moment for the vast majority of American Jews, who are supportive of Israel, concerned about the security and safety of the Israeli people and Jews in the United States and around the world, and fearful that president Trump lacks a clear strategy about what happens next with Iran.”On NBC’s Meet the Press JD Vance, the US vice-president, maintained that it was untrue to say that Saturday’s strikes in Iran exceeded Trump’s presidential authority.Schiff, meanwhile, declined to support calls for impeachment proceedings against Trump, saying the failure to brief Democrats ahead of the strike was “another partisan exercise”. More

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    America Strikes Iran

    We explain what we know about the attacks. Last night, the U.S. entered the war with Iran.President Trump upended decades of diplomacy when he sent American warplanes and submarines to strike three of Iran’s nuclear facilities — including Fordo, its top-secret site buried deep inside a mountain. The bombs fell at about 2:30 a.m. local time.In an address from the White House, Trump said the goal of the strikes was to keep Iran from building a nuclear weapon. He claimed the facilities had been “completely and totally obliterated,” but the extent of the damage is not yet clear.Trump also called for the war to end. “Iran, the bully of the Mideast, must now make peace,” he said. He threatened “far greater” attacks if it did not.Still, the war continues: Iran said today that it wasn’t open to diplomacy right now. It launched missiles into Israel early this morning, wounding at least 16. Israel responded with its own strikes on Iran. More than 40,000 American troops are stationed in the region, and the U.S. is expecting retaliation. (See American bases that Iran could strike.)The U.S. attack was an “extraordinary turn for a military that was supposed to be moving on from two decades of forever wars in the Middle East,” our colleagues Helene Cooper, Eric Schmitt and Julian Barnes wrote.Below, we explain the strikes and what could happen next.What were the targets?The New York TimesStatus of U.S.A.I.D. programs More