Acting Navy Secretary Hung Cao told The Epoch Times that Iranian strikes on February 28 caused "significant damage" to the U.S. Navy base in Bahrain, marking the first official acknowledgment of impact on the Fifth Fleet headquarters, though the Pentagon previously stated operations were not significantly impacted.

While open-source imagery had suggested structural damage, a retired Vice Admiral noted it may take time to restore full operating capacity.

Gulf States & Iran To Hold Unprecedented Meeting Monday, Seeking Hormuz Strait Deal Breakthrough

Iran and some Gulf states are formally meeting in order to push and finalize an Iran+Oman-backed deal and framework for the reopening of the Strait of Hormuz, coming at the end of a week where multiple tankers have been attacked, including unprecedented US strikes on an Iranian civilian vessel.

"Gulf foreign ministers plan to meet their Iranian counterpart in a push by Oman and Iran to secure buy-in for a deal temporarily managing shipping through the Strait of Hormuz, as regional states seek a pathway to ease hostilities over the waterway," Financial Times reports. "The gathering, an Omani initiative, would be the first meeting between the top diplomats from the six-member Gulf Cooperation Council and a senior Iranian official since the US and Israel launched the war against the Islamic republic in February," the publication details.

Officials have told FT the meeting is set for Monday in the Omani coastal city of Salalah, though details and arrangements are still being finalized.

Global oil prices have been steadily moving up in the last week, amid further 'limited' US-Iran tit-for-tat exchanges of blows in Hormuz, southern Iran, and beyond - including Jordan, which saw waves of ballistic missile attacks on a US base.

Meanwhile Israeli Prime Minister Benjamin Netanyahu has congratulated President Trump for keeping up the pressure on Iran, which has included unprecedented sanctions.

Netanyahu stated on X the US and Israel have achieved "historic progress" over the last year, which has in turn made Iran and its allies an "evil axis… weaker than ever."

The Bibi message which was timed for the 25th anniversary of the 9/11 attacks specifically echoed George W. Bush's "axis of evil" phrase which was a feature of the early so-called Global War on Terror (GWOT).

"The people of Israel stand with the people of the United States and with President Trump in confronting the forces of terror," said Netanyahu.

And yet Iran is showing no signs of backing down at this point, but has repeatedly vowed it can endure the storm of sanctions and US attacks, even for 'years' down the line. Trump while speaking to supporters in Dallas has expressed no regrets over launching Operation Epic Fury.

On the other side, IRGC spokesman Hossein Mohebbi has stated in the middle of a week which has witnessed plenty of escalation in the Gulf that, "The imposed war, which involved the world's most powerful nations, has ended in certain periods, but the nature of the conflict continues. For the first time, this conflict has directly inflicted strategic damage on the United States, impacting the country's security and economic equations."

He issued the following list for the US to reach an end to the conflict. "If the enemy desires an end to this situation, they must"...

completely cease the war refrain from further threats withdraw the Israeli army from Lebanon end the siege of Yemen release the $24 billion of Iranian assets that have been frozen cease any interference in the country's nuclear and missile programs This definitely marks a raised bar, to be sure, after this summer the MoU complete ceased, and negotiations vanished. There's no way Washington complies with even half of the conditions, at this rate. According to the latest from the Iranian Foreign Ministry:

Iranian Foreign Ministry spokesperson says Strait of Hormuz security cannot be guaranteed while US aggression and the naval blockade continue, Tehran Times reports.

The claim that Hormuz will become irrelevant has partially come true, but not as Trump anticipated. Keeping the Strait half-open won't make much of a difference if the Houthis close Baab el-Mandeb. The idea that time was on Trump's side seems to have dramatically flipped. — Trita Parsi (@tparsi) September 11, 2026 With Trump struggling to rally his base to go to the polls and vote in the November midterm elections, Tehran has no reason to back down at this point, seeking to impose a steep economic and political cost on Washington and specifically the Trump administration.

Tyler Durden Fri, 09/11/2026 - 10:20

In June 2025, Israeli forces reportedly conducted extensive strikes on Iranian nuclear and military infrastructure, followed by an October agreement with Hamas to end the Gaza war, events that initially bolstered IDF Chief Eyal Zamir’s public standing.

By early 2026, a subsequent operation described as "Roaring Lion" resulted in significant military damage and the reported assassination of Ayatollah Khamenei, though officials noted the Iranian regime remained intact and the diplomatic fallout complicated Israel’s strategic position.

Futures rose 0.6% following an overnight 3% drop in WTI crude, which was attributed to reports of potential diplomatic discussions between Gulf states and Iran, although the decline may not persist given recent Houthi control of parts of the Red Sea and attacks on Saudi infrastructure.

The market awaits August CPI data to assess economic conditions, with bond yields remaining near three-year highs despite slight decreases. Individual stocks showed mixed results, including a 7% premarket gain for ORCL due to strong AI cloud backlog and a plan by MSFT to expand data center capacity.