6 months of the Iran-US war: Who lost what?

By Asghar Ali Mubarak

The scorching deserts of the Persian Gulf and the Middle East have been the scene of the worst and most horrific military and economic war in history for the past six months. When the decades-long cold war between Iran and the United States turned into a regular armed conflict, everything from the world’s economy to regional geography was shaken. Today, six months have passed since this devastating conflict. During this period, both sides have inflicted severe damage on each other.
Let’s review when, what happened and which side suffered what losses in these six months?
When and how did the war start?
(Event and background) The spark of war was ignited six months ago in early February 2026 when a state-of-the-art drone attack was carried out on a large US Navy warship in the Strait of Hormuz, which Washington directly blamed on Tehran. In response, the US Air Force bombed Iran’s coastal defense system and bases of the Revolutionary Guard Corps (IRGC).
Iran responded by activating its traditional proxies (Houthi, Hezbollah, and Iraqi militias) and firing hundreds of ballistic missiles at Israel and US military bases in the region. The clash quickly turned into a regular and major regional conflict.
Who lost what?
Both countries have paid a heavy price in this six-month-long war.
A detailed analysis of the damage is as follows:

  1. Iran’s Losses (Human, Military, and Economic Crisis) Iran suffered severe losses directly on its soil due to its defensive position in this war:
    Destruction of Military Infrastructure:
    As a result of US airstrikes and stealth bombers (B-2) operations, several of Iran’s key nuclear power plants, ballistic missile factories, and key headquarters of the Revolutionary Guards have been completely or partially destroyed.
    Loss of Human and Command Life:
    Several top Iranian generals, nuclear scientists, and thousands of Revolutionary Guards soldiers were killed in these attacks.
    Economic Bankruptcy:
    Due to the complete naval blockade by the US, Iran’s oil exports have been reduced to zero. The national currency (rial) has fallen to its lowest level in history, and there has been a severe shortage of food and medicine within the country.
  2. Losses to America (Economic Burden, Reputation, and Military Casualties) Despite being the world’s superpower, this war has not proven to be an easy game for America, but it has been severely hurt by guerrilla technology and missiles:
    Billions of dollars of military burden:
    The Pentagon has spent more than $150 billion so far on the six-month continuous war, the unrestrained use of Patriot missiles, and keeping the fleets active, which has increased the burden on the American economy.
    Attacks and casualties on regional bases:
    Hundreds of American soldiers were killed and injured as a result of Iranian drone and missile attacks on American military bases in Iraq, Syria, and Jordan. In addition, two American guided missile destroyers were severely damaged in the Persian Gulf.
    Blow to global reputation:
    The United States has failed to change the regime inside Iran or force it to completely submit, which has weakened its global power.
    Impact on the global economy and the world;
    The biggest loss of this war is not Iran or the US, but the entire world:
    Oil prices are on fire:
    The closure of the Strait of Hormuz and proxy attacks on Saudi and Emirati facilities have sent crude oil prices soaring in the global market, causing a storm of inflation around the world.
    Supply chain disruption:
    Attacks on merchant ships in the Red Sea and Gulf of Oman have paralyzed global maritime trade, and freight rates between Europe and Asia have increased by 300%.
    Even after six months, no clear winner has emerged from the war. Iran has withstood US pressure thanks to its underground missile network and strong geography, while the US has left Iran economically and defensively disadvantaged thanks to its air and technological superiority.
    International observers say that the war has now reached a point where both sides are exhausted, and if a ceasefire is not immediately brokered by Oman or Qatar, it could become a precursor to World War III.The last six months have seen a series of complex diplomatic maneuvers behind the scenes to stop the gunfire. During the war, several temporary ceasefires were reached and formal memoranda were signed, but these agreements could not last long due to “decisiveness and distrust” on both sides.
  3. The following is a detailed account of the repeated diplomatic efforts, agreements reached, and the current deadlock:
  4. April 2026: Pakistan’s mediation and the first temporary ceasefire;
    Just two months after the start of the war (February 28, 2026), when the security situation became extremely dire, Pakistan played a key diplomatic role.
    Agreement: On April 8, 2026, a two-week temporary ceasefire was announced between the two countries as a result of Pakistan’s mediation.
    Iran had rejected the 45-day framework proposed by Pakistan and presented its own 10-point formula.
    This temporary ceasefire was violated several times by both sides, but on April 21, US President Donald Trump announced an indefinite extension of the ceasefire to pave the way for a permanent peace agreement.
  5. June 2026: Islamabad MoU – A major breakthrough;
    Diplomacy reached its peak in the month of June and a major breakthrough emerged after long negotiations in Islamabad.
    Agreement: On June 14, 2026, the two countries signed an interim peace agreement, called the “Islamabad Memorandum of Understanding (MoU)”, again mediated by Pakistan.
    Key points: Under this 14-point agreement, Iran pledged that it would never acquire nuclear weapons and in return, was assured of a $300 billion fund for the reconstruction of Iran.
    The main purpose of the agreement was to reopen the Strait of Hormuz to commercial shipping and to halt the war between Hezbollah and Israel in Lebanon for 60 days.
    Termination of the agreement:
    The agreement was not fully implemented on the ground. The agreement expired in mid-August (August 17, 2026). Both countries accused each other of violating the ceasefire. The United States accused Iran of continuing to attack ships in the Strait of Hormuz, while Iran argued that the United States had failed to prevent Israel from going to war in Lebanon.
  6. August 2026: New regional efforts by Oman and Qatar;
    After the termination of the June agreement and the announcement of “Economic D-Day” and new, harsher sanctions against Iran by US Treasury Secretary Scott Besant, Qatar and Oman have become active once again.
    Oman’s Interim Corridor Plan: In the last week of August, talks were held in Tehran between Iranian Foreign Minister Abbas Araqchi and Omani officials. The two countries have agreed on an alternative “temporary navigation corridor” and a mine-clearing project to restore global oil supplies.
    Qatar’s Intense Diplomacy:
    On August 27, 2026, Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani made an emergency visit to Tehran. He met with Iranian President Masoud Peshmerga and Security Chief Mohsen Rezaei in an attempt to bring the US and Iran back to the negotiating table. Iran’s security chief says he is preparing a list of his own conditions for opening the Strait of Hormuz.
    Current Deadlock: “Pressure vs. Resistance” After six months, the diplomatic process is currently in a complete deadlock.
    US Position:
    President Donald Trump claims that Iran is “begging to make a deal” due to severe economic blockade and sanctions. However, the White House has made it clear that there are no direct negotiations between the US and Iran at this time and that the US will not go back to the terms of the old June agreement. The US’s ultimate goal is to reduce Iran’s uranium enrichment to zero.
    Iranian Position: Iranian Foreign Minister Abbas Araqchi says that “the doors of diplomacy have not closed, but the US must understand that the policy of pressure will not work.” Iran has made it clear that it will not fully open the Strait of Hormuz until the US naval blockade is lifted and sanctions are lifted. Conclusion: This six-month war has proven that neither side can be completely defeated through military force. Although countries like Pakistan, Qatar and Oman have succeeded in keeping the flames of war at bay, as long as Washington and Tehran do not show flexibility on their basic demands (Iran’s nuclear program and US economic sanctions), the dream of a lasting peace agreement seems unlikely to come true.The US stealth bombers have damaged Iran’s military infrastructure, while the country’s economy is under severe pressure due to a strict economic and naval blockade. For Washington, this war has so far cost it more than $150 billion in military costs. Drone attacks on US bases in Iraq and Syria have exposed the shortcomings of the US defense system. Throughout this crisis, Pakistan’s civil and military leadership played the role of the backbone in preventing a world war. The “Islamabad Agreement” brokered by Pakistan on June 14, 2026, proved to be the greatest peace effort, paving the way for diplomacy. As this Middle East war began to engulf the global economy and crude oil prices skyrocketed, the world saw that traditional world powers were unable to resolve the crisis. In such dire circumstances, Pakistan’s civil and military leadership embarked on a historic and bold diplomatic mission. As a result of the tireless shuttle diplomacy of Pakistan’s top leadership, the two warring countries were forced to sit at the table in Islamabad on June 14, 2026, where the historic “Islamabad Memorandum of Understanding (Islamabad MoU)” was signed. Under this 14-point peace formula: Iran assured to keep its nuclear program within peaceful limits. A $300 billion fund was proposed by the international community for the reconstruction of Iran. The Strait of Hormuz was temporarily closed. The opening of the Strait of Hormuz to commercial shipping and a 60-day ceasefire in Lebanon were agreed upon. This was the historic peak of Pakistan’s foreign policy and military diplomacy that pushed the world back from the brink of a possible third world war. After the Islamabad Agreement expired in mid-August, the flames of war have flared up once again due to distrust on both sides. After the US Treasury Secretary announced the toughest economic sanctions on Iran (Economic D-Day), the governments of Oman and Qatar have also mobilized for alternative routes to the ceasefire, where talks are underway to create alternative corridors in the Strait of Hormuz. This bloody six-month battle has proven that neither Tehran nor Washington can completely overwhelm each other with bullets and gunpowder. The only solution to this war of pressure and resistance lies solely in the diplomatic framework that Pakistan has founded in Islamabad. The international community and intellectuals of both countries must understand that for lasting peace, the US needs to impose economic sanctions. The world must abandon its apathy and respect the global principles of regional security, otherwise this lava in the Persian Gulf will engulf the entire world. While the six-month-long horrific trade and military conflict between Iran and the United States has created a stir in diplomatic circles around the world, the international press has also given in-depth analytical coverage to various aspects of this war through its editorials. The world’s top news organizations have shed light on this crisis, its perpetrators, and Pakistan’s diplomatic role from different angles.
  7. The New York Times (USA):
  8. Burden on the American economy and criticism of TehranThe prestigious American newspaper ‘The New York Times’ has made the increasing Pentagon costs and the burden on the American economy the main axis of its editorial. The newspaper argues that Washington cannot afford to pour billions of dollars into this quagmire in the Persian Gulf for a long time. The New York Times has directly blamed Iran and its regional proxies, who have been blocking the Strait of Hormuz, for this entire tension. It put global maritime trade at risk. Commenting on Pakistan’s role, the American newspaper called the ‘Islamabad Agreement’ an excellent ‘temporary break’ and temporary relief, however, it expressed doubts about its permanent implementation due to Tehran’s behavior and called for a complete shutdown of Iran’s uranium enrichment program as a solution.
  9. Al Jazeera Media Network (Qatar):
  10. Notice of economic blockade and humanitarian crisis The Arab world’s largest network, ‘Al Jazeera’, has strongly criticized Washington’s unilateral policies in its editorial. Al Jazeera has likened the naval blockade established by the US against the Iranian people to ‘economic terrorism’ which has created a severe food and medicine crisis in the region.
  11. Al Jazeera has blamed the US’s stubbornness and the Trump administration’s ‘maximum pressure’ policy for this war. Praising Pakistan’s efforts, the Qatari media said that Pakistan’s civil and military leadership has brought both sides to a table in Islamabad. The move was a very bold and balanced move, and now the US should abandon its stubbornness and accept the alternative navigation corridor plan of Oman and Qatar.
  12. The Guardian (UK): Failure of international institutions and the fear of a third world war The British newspaper ‘The Guardian’ has called this war the worst failure of international institutions such as the United Nations and the Security Council in its editorial. The newspaper has warned that if this conflict is not stopped immediately, Europe will suffer from a terrible energy crisis whose effects could form the basis of a third world war. Instead of placing the responsibility for this war on any one side, the Guardian has blamed both Trump’s aggressive ambitions and Tehran’s inflexible behavior equally.The British press, while describing Pakistan’s role as a ‘historic achievement’, acknowledged that the Muslim world’s only nuclear power (Pakistan) has emerged as the most effective and acceptable mediator in the region, and its proposed formula is the only guarantee of peace.
  13. Xinhua News Agency (China):
  14. Defending US imperialism and regional sovereignty. China’s state-run media house ‘Xinhua’ has described the war as a manifestation of US unilateralism and imperialist thinking in its editorial. The Chinese press has called the US Treasury Secretary’s ‘Economic D-Day’ and new sanctions a serious violation of international trade rules and stressed the need to protect the sovereignty of developing countries.
  15. Xinhua blamed the entire wreckage of the war on the US culture of interference in the internal affairs of other countries. Regarding Pakistan, China expressed open and full diplomatic support for the talks in Islamabad and the 14-point peace formula, and suggested that the China-Pakistan Economic Corridor (CPEC) partners should further advance Pakistan’s peace mission to resolve regional issues within the region.The dynamic, bold and impartial diplomacy demonstrated by Pakistan’s civil and military leadership in this most horrific crisis in the Middle East has surprised major political and strategic experts around the world.
  16. It was being recognized at the global level that Pakistan would not be able to play an active role in this major global war due to internal economic challenges, but Islamabad completely rejected all negative assessments and diplomatic expectations and proved itself to be the most indispensable peace mediator in the region.
  17. Simultaneously gaining the trust of Washington and TehranThe biggest surprise in the diplomatic field was that Pakistan gained the trust of both US President Donald Trump’s administration and Iran’s Supreme National Security Council.
  18. In the past decades, Pakistan has been accused of being pro-American, but the current leadership has succeeded in convincing Tehran that Pakistan’s territory or airspace will not be used against Iran.
  19. This was the reason why Iranian Foreign Minister Abbas Araqchi and US diplomatic officials preferred to hold secret talks hosted by Islamabad rather than through traditional channels in Switzerland, which resulted in the historic ‘Islamabad Agreement’ of June 14.
  20. During this war, Pakistan was under intense pressure to either side with China’s pro-Iran camp or support the stance of long-standing Gulf partners like Saudi Arabia and the UAE. The Pakistani leadership skillfully maintained a balance where Beijing openly supported Pakistan’s 14-point formula, while Saudi Arabia and the Gulf countries did not raise any objections to Islamabad’s peacekeeping mission. This strategy protected Pakistan from the pitfalls of bloc politics and earned it the status of a global peacemaker.
  21. This crisis proved that when the UN Security Council and Western powers completely failed to prevent a major conflict, the only nuclear power of the Muslim world (Pakistan) asserted its strategic and moral supremacy. The alternative roadmap that Pakistan’s military leadership gave through a diplomatic shuttle mission to clear mines in the Persian Gulf and reopen the Strait of Hormuz was described by newspapers like the British ‘The Guardian’ as the most effective and bold move in the history of the region. Pakistan proved that it is not only capable of defending itself, but also has the strategic ability to pull the entire international community out of the terrible shadow of World War III.