Global Markets Reeling as Trump Warns of Rising US Casualties in Iran Conflict

International Desk, Rtv News

Monday, 02 March 2026 , 12:35 PM


Global Markets Reeling as Trump Warns of Rising US Casualties in Iran Conflict
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President Donald Trump warned today that additional American casualties are "likely" as US military operations against Iran continue until all strategic objectives are achieved. 

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The statement follows a grim confirmation from US Central Command that three service members have been killed in action and five others seriously wounded during ongoing regional operations.

The human toll of the conflict is mounting rapidly on all sides. Iranian authorities reported at least 153 deaths, including children, following a strike on a school within Iran. 

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Simultaneously, Israeli medical services confirmed that nine people were killed in a missile strike on the city of Beit Shemesh. 

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Amid the chaos, Iran’s foreign ministry signaled a looming power shift, stating a new national leader could be selected within "a day or two" following the killing of Supreme Leader Ayatollah Ali Khamenei in joint US-Israeli airstrikes.

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The theater of war has now expanded beyond the immediate borders of the primary combatants. 

The British Ministry of Defence reported a suspected drone strike on the RAF Akrotiri base in Cyprus late Sunday, while the United Arab Emirates claimed to have intercepted dozens of Iranian ballistic missiles. 

Explosions were reported near key infrastructure in Dubai, Doha, and Manama, prompting the Gulf Cooperation Council to condemn Tehran for violating international law and threatening defensive measures.

In Lebanon, the capital of Beirut was rocked by explosions as Israel targeted Hezbollah positions in response to rocket fire. 

While Hezbollah maintains its actions are "self-defense" following Khamenei’s death, Lebanese Prime Minister Nawaf Salam has urged all factions to cease launching rockets from southern soil to avoid a total national catastrophe. 

Meanwhile, Iranian retaliatory strikes have also hit targets in Iraq, including areas near Erbil’s international airport.

The widening instability has triggered a massive shock to the global economy. Oil prices surged by more than 10% as Asian markets opened on Monday, with both Brent crude and US benchmarks seeing historic spikes before a slight correction. 

As the risk of a prolonged, multi-national war grows, US Secretary of State Marco Rubio is scheduled to provide a high-level briefing to Congress on Tuesday to outline the administration's next steps in the volatile region.

With Inupts from BBC

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