There is, first, the human cost. The U.S. lost thirteen troops in the conflict, while Iran lost over 3,375 people, including 170 killed in what was likely a Tomahawk missile strike on a girls’ school. Twenty-six people who were also killed in Iran’s missile and drone attacks on Israel, and dozens more in various Gulf states. At least two thousand people have been killed in Lebanon where Israel has mounted a major offensive in response to Hezbollah attacks.

Then there is the economic cost. Moody’s Analytics estimates that the war has cost U.S. consumers and taxpayers about $132 billion so far and counting. The largest share of that came through the price at the pump. Gasoline prices peaked at an average of $4.56 a gallon before dropping once it appeared that the two sides might come to an agreement. Fertilizer prices also climbed about 47 percent during the war, indirectly contributing to rising food costs. Persian Gulf countries and the Global South were hit even harder than the United States. As a result of the war, the World Bank downgraded its global forecast for economic growth this year to 2.5 percent—the lowest level since the Covid-19 pandemic.

Finally, there is the military cost. According to The Wall Street Journal, the deputy secretary of defense just told members of Congress last week that the department will be requesting $80 billion in supplemental funding to cover the cost of the war and other expenses. That is almost certainly a massive underestimate. It does not include, for example, the cost of repairing the twenty U.S. bases in the region that suffered damage from Iranian attacks. The United States will also need to pay to repair or replace the forty-two U.S. military aircraft, both manned and unmanned, that were lost or damaged in the conflict.