Skip to content
Briefings are running a touch slower this week while we rebuild the foundations.See roadmap
Iran Conflict 2026
25MAY

Iran hits Prince Sultan base; 12 US hurt

2 min read
13:55UTC

Iranian missiles hit Prince Sultan Air Base outside Riyadh, wounding 12 Americans and damaging the refuelling and surveillance aircraft a Kharg Island assault requires.

ConflictDeveloping
Key takeaway

Iran reduced US capacity for the Kharg operation it appears to have detected.

Iranian ballistic missiles and drones hit Prince Sultan Air Base outside Riyadh on 27 March, wounding 12 US service members (two seriously) and damaging at least two KC-135 Stratotanker refuelling aircraft and one E-3 Sentry AWACS. 1 Total US casualties in the war now stand at 13 killed and more than 312 wounded. Of the wounded, 75% or more suffer from traumatic brain injuries, a figure that has received almost no news coverage.

The asset selection warrants scrutiny. KC-135 tankers extend strike aircraft range deep into the Gulf. AWACS provides the airspace coordination a complex amphibious operation requires. The Pentagon has been actively planning a US Marine assault on Kharg Island , and Iran had fortified it with mines and MANPADS . Striking the refuelling and surveillance aircraft degrades two capabilities that plan depends on.

Capital Alpha analyst Byron Callan assessed a 75% probability that US boots will touch Iranian soil and gave 35% odds the war extends into 2027. 2 Saudi Arabia has granted US access to King Fahd Air Base, a structural change in the Gulf war posture. 3

Deep Analysis

In plain English

On 27 March, Iranian missiles and drones hit Prince Sultan Air Base near Riyadh in Saudi Arabia. Twelve American troops were wounded, two seriously. Two fuel planes and one radar-and-communication aircraft were damaged. These specific aircraft matter. The US has been planning an assault to capture Kharg Island, Iran's main oil export terminal. The fuel planes (KC-135s) extend the range of jets conducting long-distance strikes. The AWACS aircraft coordinates the airspace over a complex operation. Iran damaged both. Whether deliberate or coincidental, the effect is that the US now has less ability to run the very operation Iran has been fortifying against. The total American death count in the war is now 13 killed and over 312 wounded, three quarters of whom have brain injuries from blast exposure.

Deep Analysis
Root Causes

Iran's targeting of air-to-air refuelling and AWACS assets reflects a doctrine developed over two decades of studying US operational patterns. IRGC aerospace planners identified tanker dependency as a US vulnerability after the 2003 Iraq invasion, when US strike packages required aerial refuelling for most missions beyond 400 nautical miles.

Prince Sultan's specific vulnerability is its role as the primary tanker hub for Gulf operations. It hosts more KC-135s than any other regional base. Any operation against targets at Kharg Island, roughly 600 nautical miles from standard US carrier positions, requires extended tanker support. Degrading that support extends the timeline for any Kharg operation.

What could happen next?
  • Consequence

    Damaged KC-135s extend the minimum preparation time for a Kharg Island operation; replacement tankers must deploy from outside the theatre.

    weeks · High
  • Risk

    TBI rates above 75% will generate congressional pressure on war authorisation; the political cost of continued casualties will compound as the 6 April deadline approaches.

    weeks · Medium
  • Precedent

    Iran has demonstrated it can strike defended US bases in Saudi Arabia repeatedly (this follows a 14 March hit that damaged five KC-135s at the same base), establishing that no US staging base in the Gulf is immune.

    ongoing · High
First Reported In

Update #50 · Houthis join; Iran holds two chokepoints

CNBC (Reuters wire)· 28 Mar 2026
Read original
Different Perspectives
Lloyd's of London
Lloyd's of London
The Joint War Committee left Hormuz war-risk premiums at $10-14 million per voyage on 25 May, declining to move on Brent's 5% fall. The JWC's protocol requires a UN Security Council resolution or bilateral government certification letter before de-listing, and neither has arrived: a verbal understanding does not satisfy the formal condition the reinsurance market's treaty terms require.
Gulf Arab producers
Gulf Arab producers
Saudi Arabia and UAE depend on Hormuz for their own crude exports; Aramco CEO Nasser has warned no oil market recovery arrives until 2027 if the blockade continues past mid-June. Monday's $98.96 Brent settlement shortens nothing for Gulf producers without a signed instrument and a Pentagon mine-clearance timeline that runs up to six months post-ceasefire.
Qatar
Qatar
Qatar holds $12bn of frozen Iranian assets at the centre of the sequencing dispute but cannot release them without explicit US Treasury authorisation, given the original freeze was a US instrument. As the asset-holding state, Qatar's leverage is real but passive: it is the escrow holder, not the decision-maker, and any resolution requires US Treasury sign-off that Trump has withheld.
Pakistan
Pakistan
With both Prime Minister Sharif and army chief Munir simultaneously in Beijing on 25 May, Pakistan has for the first time consolidated its civilian and military mediation tracks under China's roof. Munir's direct Tehran-to-Beijing flight signals that the security and financial threads of the sequencing problem are now being worked in parallel rather than sequentially.
China
China
Beijing hosted Pakistan's principal mediators and Iran's China envoy Ghalibaf simultaneously on 25 May while its banking regulator capped new state-bank lending to five sanctioned refiners. China is simultaneously the most credible third-party underwriter of the $12bn sequencing and the state whose institutions face live OFAC secondary-sanctions exposure if the deadlock persists through GL V's expiry.
United States
United States
Trump posted on 24 May that the blockade holds until a deal is certified and signed, ruling out the informal MOU structure both sides had been building. The 'certified, and signed' condition is the first operational bar Trump has attached in 87 days, but it arrived without an executive instrument, maintaining the gap between posted ultimatum and signed US policy.