Iran war costs U.S. $132 billion, global growth cut to 2.5%
7 reported2 unconfirmed
According to a single-source report from NPR, the months-long Iran war has cost U.S. consumers and taxpayers an estimated $132 billion so far, with effects expected to linger for years. The conflict resulted in 13 U.S. service member deaths and more than 3,300 Iranian casualties, as reported by state media, along with thousands more killed in Lebanon, Israel, and Gulf states. The war caused gasoline prices to spike from under $3 to $4.56 per gallon, raised mortgage rates to 6.52%, and disrupted global supply chains. The World Bank cut its 2026 global economic growth forecast to 2.5%, the lowest since the pandemic, and the International Monetary Fund slashed its forecasts, with Qatar seeing the steepest revision. Pentagon comptroller Jules Hurst cited $29 billion in operational costs as of a May 12 Senate hearing, with additional repair costs for damaged bases not yet estimated. President Trump’s net approval rating fell from -15 percentage points before the war to -22 points by the end of May, according to a New York Times polling aggregate.
What’s reported
Moody’s Analytics estimates the war has cost U.S. consumers and taxpayers about $132 billion so far.
13 U.S. service members and more than 3,300 Iranians were killed, according to state media; 3,826 killed in Lebanon, nearly 60 in Israel, and dozens across Gulf states.
Gasoline prices rose from under $3 per gallon to a peak of $4.56 per gallon, according to AAA.
Average 30-year mortgage rate rose to 6.52% as of last week, per Freddie Mac.
World Bank cut 2026 global growth forecast to 2.5%, the lowest since the pandemic.
Pentagon comptroller Jules Hurst cited $29 billion in operational costs during a May 12 Senate hearing.
President Trump’s net approval rating fell from -15 percentage points before the war to -22 points by end of May, per New York Times polling aggregate.
Open questions
The total cost to repair damaged U.S. military bases in the Middle East, including those in Kuwait and Bahrain.
The full economic impact on Iran, as the World Bank cited “exceptionally high uncertainty” and did not offer a new forecast.
Key figures
Kevin Warsh, incoming Federal Reserve chief
Jules Hurst, Pentagon comptroller
President Donald Trump
Sources: NPR
