The USDA has approved a $7.56 million loan guarantee to a company in Mississippi to restart the idle Pine Products sawmill in Horsepasture. The plant has been closed since late 2024, when Teal-Jones, a Canadian-based company that acquired the local operation, filed for bankruptcy. Local officials said it was frustrating because the local plant remained profitable even though the parent company was not. Twain Capital will now have a try at it. Pine Products employed over 60 workers.
U.S. President Donald Trump speaks with members of the media onboard Air Force One on March 29, 2026. (Nathan Howard/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average soared more than 950 points on Tuesday after President Donald Trump appeared to suggest the U.S. may end the Iran war without reopening the Strait of Hormuz.
In a post on social media, Trump indicated that the task of reopening the strait may fall to other countries, urging them to “go to the Strait, and just TAKE IT.”
The Dow jumped 970 points, or 2.1%, by early afternoon, while the S&P 500 climbed 2.4%. The tech-heavy Nasdaq increased 3.4%.
Since the U.S.-Israeli war with Iran began on Feb. 28, Trump has voiced mixed messages about the expected duration of the war. On several occasions, markets have climbed after traders interpreted comments from Trump as a potential off-ramp from the Middle East conflict.
The war prompted Iranian closure of the strait, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. A potential U.S. exit from the war without ensuring that the strait is open could leave uncertain the path to a resumption of normal tanker traffic and a resulting remedy for the current global oil shortage.
Global oil prices surged more than 5% on Tuesday, exceeding $118 a barrel, just shy of its highest price since 2022.
Gas prices in the United States topped $4 per gallon on average Tuesday, underscoring the link between rising oil prices and strained consumers.
This is a developing story. Please check back for updates.
Smoke rises after an explosion in the industrial zone, caused by debris after interception of a drone by air defence, according to the Fujairah media office on March 05, 2026, in Fujairah, United Arab Emirates. (Photo by Christopher Pike/Getty Images)
(NEW YORK) — On Feb. 28, the United States and Israel launched massive strikes on Iran in an operation targeting military and government sites that President Donald Trump has said could last as little as four weeks.
One month later, both countries remain engaged in a war that has impacted the wider Gulf region, killing thousands of people, as the Pentagon is preparing to surge thousands of troops to the Middle East, according to U.S. officials.
As the U.S. enters its fifth week of the conflict, here’s a look at how we got here, where things stand and where they may go from here.
Negotiations break down Operation Epic Fury began months after the U.S. and Israel carried out strikes on nuclear weapons facilities in Iran, with Trump declaring at that time that the regime’s nuclear capabilities had been “obliterated.”‘
In the weeks leading up to the Feb. 28 strikes, the U.S. tried to negotiate with the Iranian regime to reach a nuclear deal, with Trump saying he was weighing whether to strike. A day before launching Operation Epic Fury against Iran, Trump said he was “not happy” with the negotiations.
Ayatollah Ali Khamenei was among those killed in Tehran in the initial strikes, with his son Mojtaba Khamenei later chosen to succeed him.
Trump said at the start of the “major combat operations,” which occurred without Congressional approval, that they were to “defend the American people by eliminating imminent threats from the Iranian regime,” and he called on the Iranian people to depose the regime.
In the weeks since, more than 1,440 civilians, including at least 217 children, have died from U.S. and Israeli strikes in Iran as of March 23, according to a report from several human rights groups. Iranian officials have blamed the U.S. for a missile strike on an Iranian elementary school that killed nearly 170 people. The Trump administration has said it is investigating the incident.
Regional allies attacked Iran retaliated against the strikes with missile and drone attacks targeting Israel, regional U.S. bases and multiple Gulf nations, primarily targeting U.S. interests in the region.
Thirteen American servicemembers have been killed since the war began, including seven from retaliatory strikes in Kuwait and Saudi Arabia and six from an aircraft crash in Iraq. Over 300 troops have also been injured, a U.S. official said Friday.
Iran has also launched a series of retaliatory strikes against the energy infrastructure in several Gulf states after Israel hit its largest gas field — in what one Qatari official called a “dangerous escalation.”
Experts say the strikes and the threat of further attacks risk throwing global energy markets into a state of protracted chaos.
Amid the conflict, Israel has also intensified its long-running strike campaign against the Iran-backed Hezbollah militia in Lebanon and expanded its ground operations in the south of the country. More than 1,000 people have been killed and thousands more injured in Lebanon amid this escalation, according to Lebanese officials.
In response to the U.S.-Israeli strikes, Iran has effectively closed the Strait of Hormuz, a vital maritime passage for the oil and shipping trades, threatening an energy crisis.
Iran has attacked several oil tankers since the war began in late February, halting nearly all shipping traffic. The supply shock has sent the price of oil surging.
Trump has threatened to attack Iran’s power plants if it doesn’t fully reopen the strait, since extending the deadline to do so to April 6.
US’ expansive aims Trump’s stated goals in Iran have shifted and expanded in the weeks since the conflict began, from talks of regime change and peace throughout the Middle East to, more recently, reopening the Strait of Hormuz.
Among other key aims, the U.S. military has said Iran’s navy and ballistic missile stocks and production capabilities have been degraded by airstrikes.
Making sure Iran does not obtain a nuclear weapon has been another major goal of Trump’s. Iran’s intent to build a nuclear weapon, according to Trump, was a central justification for the war.
Trump has suggested that Americans could go in to seize Iran’s enriched uranium. Experts previously told ABC News that a large American force on the ground would likely be needed to take the nuclear material but would carry a lot of risk.
During a Cabinet meeting on Thursday, Vice President JD Vance emphasized the importance of preventing Iran from obtaining a nuclear weapon and warned that there are “further military options” possible.
Where things go from here The White House has said “productive” negotiations have been ongoing between the U.S. and Iran, while officials in Tehran have publicly denied that any talks have taken place.
The U.S. has presented Iran with a 15-point framework for a peace deal via Pakistan, according to White House special envoy Steve Witkoff. As of Friday, the U.S. has not received a response from Iran, according to Secretary of State Marco Rubio. Sources previously told ABC News the plan addressed Iran’s ballistic missile and nuclear programs as well as maritime routes.
The negotiations come as the U.S. is preparing to surge as many as 5,000 troops to the Middle East, according to two U.S. officials, and the Pentagon is seeking $200 billion in supplemental funding for the war. The funding request has been met with bipartisan skepticism from some lawmakers.
Rubio on Friday declined to answer questions from reporters on whether the U.S. planned to deploy ground troops in Iran. Though he said the U.S. can achieve its goals without putting boots on the ground.
Trump, who has said he believed the war could last up to four weeks, and at other times four to six weeks, said this week that the operation is “ahead of schedule” and should end soon. Rubio told reporters Friday that the operation could end in a “matter of weeks, not months.”
The Israel Defense Forces said Friday they need “a few more weeks” to fully degrade Iranian military capabilities, such as missile-launchers, a senior Israeli security official told ABC News.
