Topline
The cost of the Iran war has ballooned $4 billion since the Pentagon’s last public estimate less than two weeks ago, officials said Tuesday—though the economic costs of the war are likely significantly higher.
Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine testify during a House hearing to examine the 2027 budget for the Department of Defense on Capitol Hill in Washington, DC, on May 12, 2026. (Photo by SAUL LOEB / AFP via Getty Images)
AFP via Getty Images
Key Facts
The war has cost around $29 billion, Defense Department Comptroller Jay Hurst told Congress Tuesday, attributing the increase to “updated repair and replacement of equipment cost and also just general operational cost.”
Hurst previously told Congress at the end of April the war has cost $25 billion so far, the first official estimate made public.
The true cost of the war is unknown and various figures have been floated by both government officials and experts.
The Pentagon requested $200 billion from Congress in March to fund the war, and Pentagon officials told lawmakers the war cost more than $11.3 billion in the first six days alone.
CBS News reported at the end of April the U.S. had already spent closer to $50 billion on the war, citing unnamed U.S. officials familiar with the assessment who said much of the money had been spent on munitions.
The economic costs of the war—including an increase in inflation, which neared a three-year high last month—along with potential job loss, the disruption in the stock market and slower GDP growth could put the total cost in the hundreds of billions or even trillions of dollars, University of Michigan professor Justin Wolfers wrote recently in The New York Times.
Big Number
3.8%. That’s how much consumer prices rose from April 2025, the highest annual growth rate since May 2023. Prices rose 0.6% between March and April, the Bureau of Labor Statistics reported Tuesday.
Key Background
Surveys show Americans have had a generally negative view of President Donald Trump’s handling of the economy throughout his second term, and the sentiment has worsened since the start of the Iran war. A CNN/SSRS poll released Tuesday found 77%, including a majority of Republicans, said Trump’s policies have increased the cost of living. The poll found his approval rating on the economy reached 30%, a career low.
Further Reading
Inflation Approached 3-Year High In April As Energy Prices Soared (Forbes)
Trump Will Reportedly Suspend Federal Gas Tax—Offering Little Relief As Fuel Prices Surge (Forbes)
Economic Optimism Hits Another Record Low—And Peace With Iran Likely Won’t Help, Survey Says (Forbes)
