US-Iran war news and live updates: IDF unleash new wave on Iran after Trump says air defence ‘knocked out’

Australia’s share market is under pressure as the prospect of a lengthy Middle East conflict and subsequent disruption to energy markets weighs on confidence.

The S&P/ASX fell 136.7 points by midday AEDT on Wednesday, down 1.51 per cent, to 8,936.7, as the broader All Ordinaries lost 142.1 points, or 1.53 per cent, to 9,155.1.

The slump followed a weak Wall Street session as investors weighed the potential inflationary impacts of a prolonged war in the Middle East.

Oil prices have surged 15 per cent since the US and Israel began bombing Iran at the weekend.

“Markets are recognising the Iran conflict could be drawn out and more disruptive to the world economy than initially thought,” Moomoo dealing manager Paco Chow said.

“If tensions in the Gulf persist, energy and defence stocks could remain supported while airlines and rate-sensitive sectors stay under pressure.”

The US Central Command (CENTCOM) has issued an update on Operation Epic Fury, saying the US armed forces remain focused on eliminating Iran’s ability to threaten Americans.

“We have severely degraded Iran’s air defences and destroyed hundreds of Iran’s ballistic missiles, launchers and drones,” Admiral Brad Cooper said in a video update.

“In simple terms, were focused on shooting at all the things that can shoot at us.

“We are also sinking the Iranian Navy, the entire navy.”

CENTCOM said Iran had launched over 500 ballistic missiles and around 2000 drones, something that was no match for its growing military operations.

Liberal frontbencher Andrew Hastie said “middle powers absolutely have a role” in the diplomatic solutions for situations like the current Middle East conflict, but cautioned that Australia’s capacity and strength were in decline.

“Middle powers are middle powers because they have a level of power. My concern is that Australia’s industrial power and military power is shrinking,” he told ABC radio on Wednesday.

“You can’t just rely upon diplomatic power – they’re just words at the end of the day – you’ve got to back them up.

“My concern is for our country and making sure that we’re resilient and self-sufficient.

“If our shipping lines are cut, then our whole economy could grind to a halt very quickly, never mind the fact that our industrial base is also shrinking, and that makes us vulnerable to world events.”

The IDF have confirmed it struck a “covert” Iranian nuclear facility on the outskirts of Tehran.

Israel’s military claimed that nuclear weapons were being developed at the site.

“The covert ‘Minzadehei’ compound was used by a group of nuclear scientists who operated to develop a key component for nuclear weapons,” the IDF said in a statement on X.

“Using intelligence, the IDF tracked the activities at this new location, removing a key component of the Iranian regime’s capability to develop nuclear weapons.”

No nuclear radiation has been detected yet after the strike.

Video of strikes on the Iranian capital, Tehran, has emerged online, showing a barrage of missiles hitting targets in close succession.

Fiery bursts from the explosions and billowing black smoke could be seen from a distance as the operations against Iran intensified.

Israel’s military forces have started unleashing a “broad wave” of new strikes on Iran, as the conflict intensifies.

Overnight, Iran launched strikes on Israel and Middle East countries, including a suspected attack on the US consulate in Dubai.

In an update, the IDF on Wednesday confirmed it has started the latest attack.

“The Air Force has now begun a wave of extensive strikes against launch sites, defence systems, and additional infrastructure of the Iranian terror regime.”

It comes after US President Donald Trump claimed US strikes had wiped out Iran’s defence systems, eliminating their radar and air protection.

The Pentagon has confirmed the identities of four US Army Reserve Soldiers killed during Operation Epic Fury.

In a statement released on the Department of War website, the Pentagon confirmed the death of Captain Cody A. Khork, Sergeant 1st Class Noah L. Tietjens, Sergeant 1st Class Nicole M. Amor and Specialist Declan J.

“Capt. Cody A. Khork, 35, of Winter Haven, Fla.; Sgt. 1st Class Noah L. Tietjens, 42, of Bellevue, Neb.; Sgt. 1st Class Nicole M. Amor, 39, of White Bear Lake, Minn.; and Sgt. Declan J. Coady, 20, of West Des Moines, Iowa, died on March 1, 2026, in Port Shuaiba, Kuwait, during an unmanned aircraft system attack,” the statement said.

“All Soldiers were assigned to the 103rd Sustainment Command, Des Moines, Iowa. The incident is under investigation.”

The IDF says in the last 24 hours it has simultaneously struck hundreds of fighter jets, aircrafts and missile launchers, neutralising the threat of Iran and Iran-backed Hezbollah.

The IDF released video of an intense strike on what is understood to be military assets.

Opposition Leader Angus Taylor has offered his support to “sensible measures” to help people return from the Middle East.

Asked about whether the ADF should have a role in repatriating people, Mr Taylor indicated that if that happened, he would back it.

“In terms of any support that Australia might provide in terms of getting people back to Australia, that has to be a priority for the government,” he said.

“We will support sensible measures to help get Australians back into a safe place as quickly as possible.”

Liberal MP and former SAS soldier Andrew Hastie has declared the world order has entered a “new stage of history” in the wake of the US-Israel strikes on Iran.

The shadow minister for industry and sovereign capability labelled Donald Trump an “apex opportunist” after his recent action in Iran, as well as Nigeria and Venezuela.

“We’re in a new stage of history. After World War Two, it was the United States who built the international order, the international institutions – that’s why the United Nations is headquartered in New York – and I think that construct is defunct, in a sense,” he said on ABC radio on Wednesday.

“But we’ve also seen the rise of autocracies. China’s flexing its muscles, we’ve seen Russia invade Ukraine illegally and immorally, and Iran, of course, was sponsoring Hamas, Hezbollah and the Houthis in the Middle East.

“So this is a very different stage of history. My concern is for our country and making sure that we’re resilient and self-sufficient.

“If our shipping lines are cut, then our whole economy could grind to a halt very quickly, never mind the fact that our industrial base is also shrinking, and that makes us vulnerable to world events.”