The conflict with Iran has entered its thirteenth day, and Tehran’s ability to disrupt the Strait of Hormuz is straining global oil markets. The U.S. has carried out costly strikes—estimated at $11.3 billion in the first six days—while analysts warn continued operations could degrade Iran’s conventional forces but also provoke wider disruptions. Meanwhile, the administration opened tariff investigations into more than a dozen trading partners and maintained a temporary 10% blanket tariff for up to 150 days. In Oklahoma, more than 600 homeowners allege State Farm used a covert method to deny full roof-replacement claims; the insurer denies wrongdoing.
Iran's Endurance Strains Global Oil Markets as Trump Launches Broad Tariff Probes
US President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs on April 2, 2025 at the White House. (Brendan Smialowski / AFP via Getty Images)(Brendan Smialowski)
Iran’s ruling apparatus has shown it can still unsettle global energy markets as the conflict reaches its thirteenth day, raising the political and economic stakes for the White House.
Iran’s resilience and the energy squeeze
Despite sustained U.S. and Israeli airstrikes, Tehran remains in power and has disrupted a critical oil transit route through the Strait of Hormuz, intensifying pressure on global fuel prices. The first six days of the campaign are estimated to have cost roughly $11.3 billion, and an administration official warned that rising gasoline costs could become an “unsustainable” political problem by the end of the month.
Former U.S. officials and analysts say that if the current tempo of strikes continues for two to three more weeks, Iran’s conventional military capabilities could be degraded by several years. Still, expanding Iranian reprisals across the Persian Gulf and related disruptions raise questions about U.S. planning and whether Washington underestimated the regime’s resilience.
Read more on how Iran’s durability is reshaping the conflict and its economic fallout, and follow NBC News’ live blog for updates.
People walk under a Iranian pre-1979 Islamic Revolution flag in Los Angeles, on Feb. 28, 2026. (Apu Gomes / AFP - Getty Images)(Apu Gomes)
Trade: New U.S. tariff investigations
The Biden administration’s successor announced a new round of tariff-related investigations targeting more than a dozen U.S. trading partners, including major exporters such as the European Union, Mexico and China. These probes are likely to lead to additional tariffs after the Supreme Court recently struck down several country-specific levies.
The administration has kept a blanket 10% tariff on imports from all trading partners in place for up to 150 days while the investigations proceed. U.S. Trade Representative Jamieson Greer said the probes should be completed within that window. Named partners are expected to protest vigorously, and the new inquiries could complicate framework deals negotiated over the last year.
State Farm hit with dozens of homeowner suits in Oklahoma
In Oklahoma, Billy Hursh alleges that after October 2023 hail damaged his roof, State Farm declared the roof in “fair” condition while two contractors recommended full replacement. Hursh’s lawsuit accuses State Farm of a “pervasive, state-wide fraudulent scheme” that secretly narrowed what counts as hail damage to limit full replacements. More than 600 Oklahoma homeowners have similar suits pending, according to law firms. State Farm has denied wrongdoing in court filings. This reporting is part of NBC News’ Cost of Denial series examining the insurance industry.
Other notable developments
- Dozens of countries released 400 million barrels of oil to stabilize markets, but prices did not fall as hoped.
- A recall of glucose monitors tied to a manufacturing issue has been linked to at least seven deaths and hundreds of injuries.
- Severe weather and deadly tornadoes continue to affect parts of the Midwest.
- An NBC News poll finds a historic share of voters feel the economic and political systems are stacked against them.
“I am pro Iranian people.” — A young Iranian expatriate quoted by reporter Alicia Lozano, reflecting the complex feelings of Iranians abroad
This Morning Rundown was curated by Marissa Martinez. Sign up to receive the newsletter and follow live coverage for ongoing updates.
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