• US envoy Steve Witkoff forecasts possible talks with Iran this week.
• The US-Israeli military campaign against Iran has entered its second month.
• Israel confirms airstrikes on two Iranian nuclear facilities amid ongoing conflict.
• Iran threatens retaliation against further military actions in the region.
• US markets have been impacted significantly with rising oil prices.

US Special Envoy Steve Witkoff expressed optimism that Iran would engage in talks with Washington "this week," as the conflict between the US-Israeli alliance and Iran reaches its second month. The war commenced on February 28 with airstrikes launched by the US and Israel, killing significant Iranian leaders, including supreme leader Ayatollah Ali Khamenei, and intensifying international concern, according to aa and channelnewsasia.

Witkoff, speaking at a business forum in Miami, emphasized a hopeful outlook for diplomatic resolutions, while Secretary of State Marco Rubio indicated that Washington expects to see a swift military success. Rubio stated, "When we are done with them here in the next couple of weeks, they will be weaker than they've been in recent history," reflecting a belief in a decisive victory, according to thejakartapost and scmp.

The conflict has escalated with recent airstrikes targeting two Iranian nuclear facilities: the Khondab heavy water complex and a uranium processing plant in Ardakan, both of which were struck by Israeli forces. Iranian sources indicated there was no radioactive release, but the strikes have provoked strong retaliatory threats from Iran, including a warning to exact a "HEAVY price for Israeli crimes," as stated by Iranian foreign minister Abbas Araghchi, according to thejakartapost, scmp, and channelnewsasia.

As the war progresses, the situation has caused significant market instability, particularly affecting oil prices, which have surged due to fears over shipping security in the Strait of Hormuz—an essential route for global oil and gas exports. Witkoff noted that discussions aimed at resolving tensions are encouraged by "good signs" such as ships still passing through the strait, reflecting some continuity in regional commerce, according to aa and thejakartapost.

In response to the ongoing airstrikes, Iran's Revolutionary Guards have vowed to retaliate against industrial targets in the region, emphasizing an aggressive stance if further military action occurs. They have warned civilians to vacate potential strike zones, which include various industrial sites, reinforcing the precariousness of the situation, according to scmp and channelnewsasia.