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Iran live updates: Iran war has cost at least $29B, Pentagon official says

Two weeks ago the official testified the cost was $25 billion.

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Last updated: Tuesday, May 12, 2026 2:25PM GMT
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.

Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.

Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."

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6 minutes ago

Oil prices climb after Trump rejects Iran proposal

Oil prices climbed after President Donald Trump rejected Iran's latest proposed peace deal as "totally unacceptable," with the U.S. and Iran still appearing far apart on any resolution to the war.

Oil was at nearly $98 a barrel -- up 2.5% -- in U.S. trading as of Monday morning, with global oil at $104, up nearly 3%.

The average price of a gallon of regular gas on Monday was $4.48, down 3.7 cents compared to Sunday and up $1.54 since the war started, according to GasBuddy.

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