⚠ WAR UPDATE — SPECIAL INTELLIGENCE EDITION ⚠ OPERATION EPIC FURY
U.S.-Israel Strikes on Iran — What It Means for Coal
SITUATION SUMMARY
On February 28, 2026, the United States and Israel launched coordinated military strikes against the Iranian regime — designated Operation Epic Fury (U.S.) and Operation Roaring Lion (Israel). Supreme Leader Ali Khamenei was killed. Iranian state media confirmed his death early March 1; Iran declared 40 days of national mourning. The operation targeted nuclear facilities, military command infrastructure, and senior regime leadership including the army chief of staff, defense minister, and head of proxy operations.
Iran has retaliated with ballistic missile and drone strikes against U.S. military bases across Bahrain, Qatar, Kuwait, Jordan, and Saudi Arabia, as well as against Israel. Tehran has restricted navigation through the Strait of Hormuz — through which some 20 million barrels of oil and oil products transited daily in 2025, approximately 20% of global oil demand. Shipping giant Maersk has halted Trans-Suez sailings. At least three tankers have taken damage. One hundred fifty freight vessels are stalled at the strait.
This is not background noise. This is a structural shock to the global energy system — and coal is positioned to benefit in ways that matter.
MARKET SNAPSHOT — PRE VS. POST STRIKE
Note: Post-strike figures are estimates based on early market signals as of March 1, 2026. Markets reopen Sunday evening EST. Analysts at UBS warn Brent could breach $120/bbl if Hormuz disruption extends beyond days.
