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Six Months Into the Iran War, Who Is Winning?

Six months ago, the United States and Israel went to war with Iran to cripple its nuclear program and military capabilities. Six months later, Iran has suffered devastating losses — but the Islamic regime remains in power. The war’s impact has extended well beyond Iran itself. The conflict has disrupted global energy markets and shipping, …

Six months ago, the United States and Israel went to war with Iran to cripple its nuclear program and military capabilities. Six months later, Iran has suffered devastating losses — but the Islamic regime remains in power.

The war’s impact has extended well beyond Iran itself. The conflict has disrupted global energy markets and shipping, while ongoing negotiations have yet to produce a lasting agreement to end the war. With the fighting largely shifting from major military operations to economic warfare, the conflict has entered a new phase with no end in sight.

The campaign, originally named Operation Epic Fury, has delivered major military gains, imposed significant costs and left a long list of questions unanswered.

Here’s a look at the biggest achievements, losses and unresolved questions six months into the war.

Achievements

Ayatollah Khamenei Was Killed

The death of Supreme Leader Ayatollah Ali Khamenei on the first day of the conflict was arguably the most consequential single strike of the war. Khamenei had ruled Iran for decades and was the central figure in the Islamic Republic’s political and military system. His death did not bring down the regime, but it removed the country’s most powerful leader and forced Iran into a succession process in the middle of a war. His son and successor, Mojtaba Khamenei, has yet to be seen or heard in public or take on the public role his father once played.

Iran’s Military Leadership Was Devastated

Iran has also suffered extraordinary losses among its senior military leadership. Israel said it killed dozens of senior Iranian commanders and officials in the opening strikes alone, including IRGC Commander Mohammad Pakpour, Defense Minister Aziz Nasirzadeh and other senior figures. As strikes continued, the Israel Defense Forces claimed it eliminated more than 40 Iranian senior commanders. On March 17, Ali Larijani, the secretary of Iran’s Supreme National Security Council, was killed in an Israeli airstrike. He had been accused of overseeing the January crackdown that killed thousands of Iranian protesters and had threatened the U.S. military and President Trump shortly before his death.

Iran’s Economy Is In Shambles

Iran entered the war with an economy already under severe strain, with inflation, a collapsing rial, and worsening living conditions fueling protests in December and January. Six months into the war, the U.S. blockade of the Strait of Hormuz has further squeezed Iran’s economy by choking off its ability to export oil. Business Insider reported that Iranian oil exports fell as low as 65,000 barrels per day in May, down 69% from the 2.12 million barrels a day exported before the war. The IMF projects Iran’s economy will contract 5.4% in 2026, its sharpest contraction since 1988, while inflation could reach 68.9%. The rial has fallen to record lows, and Iran’s economic “Misery Index” reached 91.1, its highest level on record. The Foundation for Defense of Democracies estimates the war has caused roughly $144 billion in economic damage, equivalent to about 40% of Iran’s prewar GDP.

Iran’s Nuclear Infrastructure Is Buried

While several of Iran’s nuclear facilities were severely damaged by U.S. strikes ordered by President Trump last summer, the war provided an opportunity to continue degrading the program, targeting additional infrastructure and preventing Tehran from easily rebuilding what had been destroyed. The result is a nuclear program that has been repeatedly battered, with its ability to resume large-scale enrichment significantly constrained.

Navy and Air Force Neutralized

Iran’s conventional air and naval forces have been among the war’s biggest casualties. As of May, CENTCOM claimed U.S. forces destroyed 161 Iranian vessels across 16 classes of warships, effectively crippling Iran’s ability to operate at sea. Before the operation, Iran’s air force was flying between 30 and 100 times a day. CENTCOM Commander Adm. Brad Cooper told Congress that number is now zero, with U.S. and Israeli strikes destroying or disabling airfields, aircraft hangars, fuel supplies, weapons stockpiles and aircraft. Cooper also said 82% of Iran’s air-defense missile systems were knocked out.

Iran’s Proxies Have Been Sidelined

One of Tehran’s traditional advantages has been its network of armed proxies across the Middle East, but that network entered the war significantly weaker than it was before October 7. Hezbollah did join the fight and launched attacks against Israel, but years of Israeli operations had severely weakened the group’s leadership and military capabilities. The Houthis also fired missiles at Israel, but their attacks were largely ineffective. Meanwhile, the fall of Bashar al-Assad in Syria in 2024 removed a key Iranian ally and severed an important link in Tehran’s regional network. The result was a much weaker “Axis of Resistance” that was unable to meaningfully relieve pressure on Iran or turn the conflict into a broader regional war.

Losses

Fallen American Soldiers

The war has also come at a human cost for the United States. According to the Pentagon’s updated casualty figures, 18 U.S. service members have been killed and another 624 wounded since the war began on February 28. Those killed include Maj. Jeffrey R. O’Brien, Capt. Cody Khork, Chief Warrant Officer 3 Robert Marzan, Sgt. 1st Class Nicole Amor, Sgt. 1st Class Noah Tietjens, Sgt. Declan Coady, Sgt. Benjamin N. Pennington, John A. Klinner, Ariana Savino, Ashley Pruitt, Seth Koval, Curtis Angst, Tyler Simmons, Cmdr. Gabriel Edwards, Sgt. Angel S. Rampersad, Sgt. Michael Emmanuel Swinton, 1st Lt. Tyler James Feehan and Pvt. Isabella Gonzales. 

The Strait of Hormuz Isn’t Open

The Strait of Hormuz is still operating, but traffic remains far below prewar levels. In August, only a handful of commercial vessels crossed the waterway each day, compared with more than 130 daily transits before the war, according to Reuters. And when traffic does return to normal, the strait’s administration could look different. Under the U.S.-Iran memorandum of understanding, Iran agreed to allow toll-free passage for commercial vessels for 60 days while working with Oman and other Persian Gulf states on the strait’s “future administration and maritime services.” A senior Trump administration official said the provision could pave the way for a longer-term arrangement, though Iran has so far indicated it wants to work only with Oman.

Key Allies Did Not Join the Fight

The war also exposed limits to how much support the United States could expect from some of its closest allies. Britain, France, Germany, Italy and Spain declined to join Trump’s efforts to secure the Strait of Hormuz, while Italy and Spain also restricted U.S. military access to bases and airspace for operations against Iran. France denied Israeli aircraft carrying U.S. weapons overflight rights, while Britain limited its support largely to defensive operations. Trump publicly criticized Britain, France, Italy and Germany over their positions, leading to a series of diplomatic spats.

A Heavy Price Tag

Secretary of War Pete Hegseth told the Senate Appropriations Committee in July that the war had cost an estimated $37.5 billion so far. NBC News reported that the Pentagon’s internal estimate had reached $80 billion to $100 billion when accounting for repairing damaged bases, replacing destroyed aircraft and replenishing depleted weapons stockpiles. The administration also sought $67.1 billion from Congress in June, including $21 billion for munitions and $17.3 billion for operational costs. The United States has also lost a significant number of aircraft during the conflict, including at least four F-15E Strike Eagles, a KC-135 aerial refueling tanker, an A-10 Thunderbolt II, a CH-47 Chinook, two MC-130 transport aircraft and multiple MQ-9 Reaper drones.

Unresolved

Negotiations Have Dragged On

Despite months of negotiations, the United States and Iran have yet to reach a lasting agreement. The proposed June memorandum of understanding ultimately collapsed, and talks now appear stalled, with the two sides still divided over Iran’s nuclear program, sanctions and the Strait of Hormuz. Trump has also accused Iran of saying one thing behind closed doors and another publicly, saying he does not trust the regime. 

Pickaxe Mountain

One of the biggest unresolved issues is Pickaxe Mountain, a deeply buried nuclear-related complex near Iran’s Natanz facility that was not struck during previous U.S. attacks. Satellite imagery indicates construction and fortification have continued at the site, which some experts estimate is buried at least 100 meters underground — potentially deeper than the U.S. military’s conventional bunker-busting capabilities can reach. The International Atomic Energy Agency has never inspect