US war costs against Iran hit $47 billion, CENTCOM tells Congress

US military spending on its operation against Iran reached $47 billion as of October 16, according to estimates submitted to Congress by US Central Command (CENTCOM), The Hill reported Tuesday.

The figure marks an increase of more than $3 billion since early September, when CENTCOM had reported the conflict had cost $43.6 billion.

The US and Israel launched the war against Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon. Overnight on July 8, however, the US resumed large-scale strikes against Iran, accusing Tehran of violating the terms of agreements concerning the Strait of Hormuz.

Approximately 25% of global oil trade and around 20% of global liquefied natural gas trade pass through the strait.

The US administration has since signalled an end to large-scale military force against Iran and a shift toward attempting to economically pressure the country through sanctions.