Market Updates

Situation Report: Epic Fury (US-Iranian Conflict) as of March 10, 2026

Executive Summary

As of the morning of March 10, 2026, the US-Israeli joint operation against Iran, Operation Epic Fury (US) / Operation Lion’s Roar (Israel), has entered its eleventh day (since initiation on February 28). Overnight and early morning developments (March 9-10) include continued heavy US-Israeli airstrikes on IRGC command centers, missile facilities, drone hubs, and other military targets in Iran (e.g., strikes in Tehran, Isfahan, and southern regions), Iranian missile/drone attacks on Israel (sirens in Jerusalem/Tel Aviv, interceptions) and Gulf states (e.g., hits on US bases in Iraq, intercepts in UAE/Saudi Arabia), and President Trump sending mixed signals on the war’s end—claiming it is “very far ahead of schedule,” “very complete,” and could conclude “pretty quickly” or “soon,” while warning of intensified action if Iran blocks the Strait of Hormuz and stating no timeline exists. Defense Secretary Pete Hegseth is scheduled to brief on progress Tuesday morning.

Key Changes Overnight: (March 8-9)

Overnight shifts focus on sustained strikes, Trump’s contradictory messaging, and Iranian defiance under new leadership:

  • Military Actions: US/Israel targeted IRGC bases, drone/missile sites (e.g., command centers in Tehran); CENTCOM footage shows ongoing dominance; strikes degraded additional capabilities. Iran launched missiles/drones (e.g., toward Israel, Gulf bases); interceptions high but some impacts.
  • Iranian Retaliation: Attacks on US bases (e.g., Iraq claimed by IRGC); Gulf incidents; threats to Hormuz/blockade oil until attacks end.
  • Leadership/Succession: Mojtaba Khamenei consolidated position with rallies/support in Tehran; hardliners in control; Trump “not happy” with choice, reiterates potential US influence/surrender terms.
  • US Statements: Trump: War “very far ahead of schedule,” “very complete,” end “soon” (not this week); mixed with warnings of escalation (e.g., “20 times harder” if oil stops); Hegseth briefing upcoming; no ground troops.
  • Casualties: US to 7 (seventh identified: Sgt. Benjamin Pennington); potential eighth; Iranian >1,200+ (Red Crescent); regional increases.
  • Economic/Global: Oil surged then eased after Trump assurances; markets rebound partially; Hormuz disruptions ongoing; global concerns over prolonged crisis.
  • Other: Hezbollah intensified; NATO/Turkey intercepts; UN calls for restraint; no ceasefire signals.

These reinforce coalition dominance (5,000+ targets hit, navy/missile/drone degradation) amid Iranian persistence and leadership transition.

Updated Timeline of Key Events (Focus on Overnight)

  • March 9 Evening – March 10 Morning: US/Israel strikes on IRGC/drone/missile sites; Iran retaliates (Israel sirens, Gulf intercepts, Iraq base claim); Trump mixed messages (end “soon” vs. open-ended); Mojtaba Khamenei support rallies; Hegseth briefing prep; oil volatility.
  • March 10 Morning: Ongoing exchanges; Trump: “Very complete” but no firm end; Iran vows indefinite fight.

Updated Casualties and Humanitarian Impacts

  • US: 7-8 service members killed (seventh: Sgt. Benjamin Pennington; eighth possible from wounds).
  • Iran: >1,200-1,845+ killed (Red Crescent/state media; incl. civilians). Israel and Region: Injuries from missiles; rising in Lebanon/Gulf.
  • Humanitarian: Displacement (100,000+ reported); evacuations; chaos under new leader; global protests.

Updated Economic and Global Impacts

Oil prices swung (surge then fall after Trump “soon” comments); Hormuz threats/blockade warnings; markets mixed (Asian rebound); energy crisis risks persist; potential prolonged disruptions.

International Reactions and Statements (Updates)

  • US: Trump: Mixed (end “soon”/”very complete” vs. escalation threats);
  • Hegseth: Update pending; no surrender yet.
  • Israel: Netanyahu: “Not done yet”; intensify to undermine regime.
  • Iran: FM/Araghchi: Fight as long as necessary; no ceasefire; new leader rallies; IRGC threats.
  • Others: Gulf condemnations; NATO intercepts; UN concerns; allies monitoring.

Conclusion

Overnight progress includes sustained strikes degrading Iranian capabilities further, but Trump’s mixed signals on end (“soon” yet open-ended) contrast with Iran’s vows of prolonged resistance under Mojtaba Khamenei. Coalition advances (thousands of targets hit, dominance claimed) yet risks escalation via proxies/Hormuz. Casualties rise (US 7-8; Iran >1,200+); economic shocks continue.

No immediate resolution in sight; the situation remains highly fluid as of this morning.

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References

  • Al Jazeera. (2026, March 10). Iran war: What is happening on day 11 of US-Israel attacks?
  • CBS News. (2026, March 10). As U.S.-Israeli war with Iran intensifies, Trump says it is “very far ahead of schedule.”
  • CNN. (2026, March 10). Live updates: US-Israeli war with Iran, oil crisis deepens, threats to Strait of Hormuz.
  • Fox News. (2026, March 10). Iran names Mojtaba Khamenei supreme leader as war fuels spike in oil prices.
  • NBC News. (2026, March 10). Live updates: Iran warns it will blockade oil until attacks end as Trump threatens ‘death, fire and fury’.
  • New York Times. (2026, March 10). Live Updates: Trump Sends Mixed Signals on When Iran War Might End.
  • The National Desk. (2026, March 10). Defense Secretary Hegseth to brief media on Operation Epic Fury Tuesday morning.
Dr. Jeffrey Kastner, Chief Investment Officer at Roan Capital Partners – Experienced fee-only fiduciary wealth advisor in Tennessee

Written by: Dr. Jeffrey Kastner, DBA, CIMA, CTFA, CIS, Chief Investment Officer

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