Officials in both countries said Iranian fire had brought down a two-seat U.S. F-15E fighter jet, while U.S. officials added that a pilot from an A-10 Warthog aircraft ejected after it was hit and crashed in Kuwait. Two crew members were rescued, but one pilot remains unaccounted for, prompting an active search operation by Iranian forces in a southwestern region near the crash site.

Two U.S. Black Hawk helicopters involved in the search effort were also hit by Iranian fire but exited Iranian airspace, U.S. officials said, without providing details on injuries.

The developments underscore continued risks for U.S. and Israeli aircraft operating over Iran despite assertions by U.S. President Donald Trump and Defense Secretary Pete Hegseth that American forces maintain control of the skies.

Iran’s Revolutionary Guard Corps said it was combing the area for the missing pilot, while a regional official offered a reward for capturing or killing what was described as “hostile enemy” forces.

Amid escalating hostilities, Iran’s Foreign Minister Abbas Araqchi indicated Tehran remained open in principle to negotiations mediated by Pakistan, while rejecting suggestions that it had refused such talks.

“We are deeply grateful to Pakistan for its efforts and have never refused to go to Islamabad. What we care about are the terms of a conclusive and lasting end to the illegal war that is imposed on us,” Araqchi said on social media.

U.S. officials said President Trump was receiving regular updates on efforts to locate the missing pilot, as the war which has killed 13 U.S. service members and wounded more than 300 continued to weigh on domestic political sentiment and economic conditions.

On the battlefield, Iranian state media reported air strikes on a petrochemical zone in the southwest, injuring at least five people, while a projectile struck an auxiliary building near the Bushehr nuclear plant, killing one person but not disrupting operations.

Iran accused the United States and Israel of repeated strikes near sensitive nuclear infrastructure, warning of potential regional consequences, while Israeli forces said they had conducted a new wave of strikes targeting Tehran.

The conflict has disrupted global energy flows, with Iran largely shutting the Strait of Hormuz a critical artery for oil and liquefied natural gas shipments though Iranian media said vessels carrying essential goods had been permitted to access its ports.

The war has killed thousands and triggered a sharp rise in oil prices, with benchmark U.S. crude jumping 11% earlier this week after Washington signalled no immediate end to hostilities.

As governments grappled with the economic fallout, five European Union finance ministers called for a windfall tax on energy companies to counter surging fuel costs, according to a letter seen by Reuters.

In a post on Truth Social, Trump said Iranian negotiators were “begging for a deal,” dismissing Tehran’s public stance as inaccurate. Araghchi, speaking on state television, said there had been no direct dialogue with Washington, adding that exchanges via intermediaries did not constitute negotiations.

He said Iran was conveying its positions and warnings through friendly countries.The divergence in messaging comes as military operations continue. U.S. and Israeli forces have conducted extensive strikes on Iranian targets since late February, while Iran has launched retaliatory attacks on Israel, U.S. bases, and Gulf states.

A U.S. Central Command briefing said more than 10,000 targets had been struck, with significant degradation of Iran’s naval, missile, and drone capabilities.

The conflict has disrupted global energy flows, particularly through the Strait of Hormuz, a key transit route for oil and liquefied natural gas. Its effective closure has triggered what officials describe as a severe energy shock, driving up fuel prices and straining supply chains across industries from aviation to agriculture.

Sultan Al Jaber, chief executive of ADNOC, described restrictions on Hormuz as “economic terrorism,” warning of global consequences. Governments are considering intervention measures similar to those deployed during the COVID-19 pandemic, as businesses face rising costs and weakening demand.

The World Food Programme has warned that prolonged disruption could push tens of millions into acute hunger, with farmers and fisheries already facing fuel shortages.

A 15-point U.S. proposal, conveyed to Iran through Pakistan, includes reopening the Strait of Hormuz, curbing Iran’s nuclear and missile programs, and halting support for regional allies, according to Israeli sources familiar with the plan.

The White House has not publicly detailed the proposal.Israeli officials expressed skepticism that Tehran would accept the terms and voiced concern that U.S. negotiators could offer concessions.

Iran, according to regional sources, has insisted that Lebanon be included in any ceasefire framework involving Washington and Israel.

Financial markets reflected fading optimism over a near-term resolution. Global equities weakened on Thursday while oil prices resumed their upward trajectory. Analysts cited diminishing expectations of a ceasefire as a key driver of volatility.

The Pentagon is preparing to deploy additional airborne troops to the Gulf, supplementing Marine units already en route, according to sources. The buildup is intended to expand military options as the conflict risks widening.

United Nations Secretary-General Antonio Guterres warned that the situation could escalate further, urging a shift from military confrontation to diplomacy.

India, the world’s second-largest crude steel producer, is facing one of its most severe LPG supply crises in decades as shipments from key producers have been affected by the ongoing Iran war, tightening availability of fuel critical for smaller steel units.

“We have taken up with the Ministry of Petroleum and Natural Gas to see within the existing conditions what best can be done,” the source said, adding discussions were ongoing.

Industry participants have warned that prolonged shortages could force production cuts, particularly among small and medium-sized steel producers that rely heavily on LPG.

“If this LPG situation continues, it will not only impact margins but also affect jobs, future investments in value-added steel, and the confidence to commit to long-term contracts, both in India and overseas,” said Vedant Goel, a director at Pune-based Enlight Metals.

India has already invoked emergency measures to prioritise gas supplies for essential sectors after disruptions to liquefied natural gas shipments through the Strait of Hormuz constrained domestic availability.

The supply squeeze has intensified concerns over industrial output stability, as policymakers weigh options to balance energy security with manufacturing demand amid ongoing geopolitical uncertainty.

Sharif, writing on social media platform X, said Pakistan would be “ready and honoured” to facilitate “meaningful and conclusive talks” for a comprehensive settlement, subject to agreement by Washington and Tehran.

His statement comes as the war, involving U.S. and Israeli strikes on Iran and retaliatory attacks, entered its fourth week.Trump said on Monday that U.S. officials had engaged in “very good and productive” discussions with Iran over a “complete and total resolution of hostilities in the Middle East.”

He added that talks began on Sunday and continued into Monday, involving Special Envoy Steve Witkoff and adviser Jared Kushner.

Iranian parliament speaker Mohammad Baqer Qalibaf rejected the U.S. account, saying no talks had taken place and describing reports of negotiations as “fake news,” according to Iranian state-linked statements and sources familiar with the matter.

The divergence underscores the opacity surrounding diplomatic efforts as fighting continues across the region.

The United States and Israel launched strikes on Iran on February 28, citing a lack of progress in negotiations over Tehran’s nuclear programme. Mediator Oman had previously indicated that significant advances had been made in earlier discussions.

Since the strikes, Iran has responded with missile attacks and expanded its actions beyond Israeli territory, targeting countries hosting U.S. bases and striking Gulf energy infrastructure.

The conflict has disrupted global energy markets, with Iran effectively closing the Strait of Hormuz, a critical maritime route through which roughly one-fifth of the world’s oil and liquefied natural gas supplies transit.

The escalation has heightened concerns over supply stability and increased geopolitical risk across the Middle East, prompting renewed international calls for de-escalation through diplomatic channels.

Speaking to reporters, Hegseth did not confirm a precise figure but acknowledged the scale of spending, saying “it takes money to kill bad guys” and adding that funding requests to Congress could evolve as the war continues. The campaign, launched on February 28 alongside Israel after failed nuclear negotiations, remains ongoing with no official total cost disclosed.

Pentagon officials have indicated that the first six days of the war alone cost approximately $11.3 billion, according to figures cited to lawmakers. Analysts say that estimate aligns with the intensity of operations conducted during the initial phase.

Daniel Schneiderman, director of global policy programs at Penn Washington, said the scale of deployment including extensive air sorties, precision strikes and naval operations would inevitably result in high costs.

“The amount of precision munitions and interceptors used, the number of air sorties, fuel expended, and cost of operating carrier strike groups all point to a very large bill,” he said.

Much of the expenditure stems from the use of high-end military systems, including cruise missiles, air-dropped bombs and missile defense platforms such as the THAAD. These systems, alongside the logistical infrastructure required to sustain them, represent some of the most expensive elements of modern warfare.

Operational costs also include aircraft maintenance, fuel consumption, and the deployment of carrier strike groups, as well as the personnel required to operate complex systems in sustained combat conditions.

Hegseth indicated that the administration would seek additional funding from Congress to replenish munitions and sustain military readiness, suggesting the conflict could extend beyond initial expectations.

U.S. President Donald Trump also referenced the funding request, describing it as necessary in a “very volatile world” and emphasizing the importance of maintaining large stockpiles of ammunition.

The scale of the proposed funding underscores concerns within Washington about both the duration and intensity of the conflict, as well as broader global security risks.

Beyond direct military spending, the war has triggered wider economic consequences, particularly in global energy markets. Oil prices surged after Iran disrupted shipping through the Strait of Hormuz, a critical route for global crude supplies.

The resulting volatility has added indirect costs to the global economy, compounding the financial burden of the war and raising concerns among policymakers about long-term economic stability.

German Chancellor Friedrich Merz told lawmakers in Berlin that while Iran must not threaten regional stability, Washington had failed to present a credible plan or request European participation. “To this day, there is no convincing plan for how this operation could succeed,” he said, adding that the United States had neither coordinated with allies nor outlined the necessity of their involvement.

His defense minister, Boris Pistorius, struck a similarly firm tone earlier in the week, stating, “This is not our war, we have not started it,” underscoring Berlin’s reluctance to be drawn into a widening confrontation linked to U.S. and Israeli actions.

French President Emmanuel Macron echoed Germany’s position, saying Paris was not a party to the conflict, reflecting broader unease among European capitals about both the rationale and execution of the U.S. initiative.

The near closure of the Strait of Hormuz, a critical artery for global energy shipments, has heightened economic concerns, placing pressure on governments to respond to rising risks to trade and supply chains. However, European leaders have signaled that any response must be coordinated, measured, and grounded in clear strategic objectives.

Merz, who has long advocated strong transatlantic ties, adopted notably direct language, highlighting a shift in tone among U.S. allies faced with what they perceive as unilateral decision-making in Washington.

Despite differing national interests, European leaders have sought to maintain a unified front, prioritizing diplomatic coherence while managing relations with an unpredictable U.S. administration.

Officials across the region have emphasized the importance of avoiding escalation, even as they acknowledge the broader security implications of instability in the Gulf. Their stance suggests a recalibration of transatlantic dynamics, with greater emphasis on consultation and multilateral engagement.

The divergence comes at a time when global markets remain sensitive to disruptions in energy flows, and policymakers weigh the risks of deeper military entanglement against economic and security considerations.

The strikes didn’t just destroy facilities, they shattered illusions.

It has finally happened, the inevitable, the writing long scrawled on the wall now seared into reality. With twelve bunker-busting bombs and thirty cruise missiles, the United States brought to ruin what took the Islamic Republic of Iran two decades and over a trillion dollars to build: its nuclear crown jewel. Its trophy. Its last card on the global stage.

The strikes didn’t just destroy facilities, they shattered illusions. What came crashing down wasn’t merely a set of centrifuges or underground bunkers. It was the pride of a regime that had gambled its people’s future on the delusion of strategic supremacy, and lost.

As an amateur student of history and a humble observer of geopolitics, I can say this with some confidence: we are now watching the final act of the Islamic Republic unfold. The fall may not be instantaneous, but it is now inevitable.

The Dominoes Are Already Falling

Paradoxically, the more the regime fights – especially if it expands its conflict to include U.S. bases or threatens GCC nations – the more it may temporarily delay its own demise. War creates chaos. Chaos suppresses mobilization. Ordinary Iranians – weary, disconnected, and desperate for stability – will wait for the guns to fall silent before daring to rise.

But rise they will.

As with Serbia under Milosevic, the aftermath matters. People need time to digest the sheer scale of their leaders’ incompetence. Once the smoke clears, Iranians will be confronted with the stark truth: the entire nuclear program was a catastrophic, generational waste.

The regime claimed that its repression, foreign interventions, and economic sacrifices were justified to achieve national security and regional prestige. Instead, it propped up Assad, Hezbollah, Hamas, and the Houthis – to the tune of $250 to $300 billion – only to watch each of these proxies collapse or become irrelevant.

What remains? Just the wreckage of a dream that became a nightmare. The Iranian people endured crushing sanctions – costing their economy an estimated $1 to $1.6 trillion. All for what? For a nuclear program that is now a smoldering crater.

The House Always Wins

To understand the scale of betrayal, imagine a family dynamic.

The regime is the abusive, gambling-addicted father. He had wealth. He had options. He could have used his resources to build a comfortable life for his family, modern schools, good healthcare, beautiful homes. Instead, he dragged them into a cramped, stifling existence. He mortgaged the house, sold their future, and gambled everything away in the dim-lit halls of Vegas – metaphorically speaking.

For two decades, he told his family, “I know what I’m doing. Just a little more sacrifice, and we’ll win it all back.” But he forgot one thing: this world is America’s casino. And in Vegas – the house always wins.

Now the father returns home, broke, humiliated, with nothing to show for the years of lies and suffering. And the family? They look at him with a mix of contempt, rage, and sorrow. They grab what they can – pots, pans, vases — and they beat him into the fate he most deserves: death by a thousand cuts.

This is not fantasy. It’s a metaphor for a popular uprising. The only path left. And it will come – once the air clears, once the internet returns, once the people can see what has happened with their own eyes.

The Silence Before the Storm

The only lifeline left for the regime is to keep some form of conflict alive – not enough to provoke total war, but just enough to keep its own people afraid. As long as fear holds the streets, the regime can breathe. Barely.

But the end is written. The Islamic Republic, as we know it, cannot survive this.

This summer will be decisive. Not just for Iran – but for generations of Iranians. The dream of the Islamic Republic has turned to ash. And in its place, something new will rise – if the people are given even a sliver of peace.

Disclaimer: Views expressed by writers in this section are their own and do not reflect Milli Chronicle’s point-of-view.