Israel Today: Ongoing War Report - Update from 2026-05-29 at 17:01

HEADLINES
Israel awards security prize, reveals tech edge
Middle East war strains global energy supplies
US imposes Iran sanctions, tightens crypto crackdown

The time is now 5:01 PM in New York, I'm Noa Levi and this is the latest Israel Today: Ongoing War Report.

In Operation Lion's Roar, Defense Minister Israel Katz announced the winners of the 2026 Security Prize, including a system that was key during Operation Roaring Lion against Iran, a classified Mossad asset, breakthroughs in the Ofek satellite array, a new development by Unit 81, and electronic warfare systems that helped Israel achieve air superiority. The projects remain highly classified, but they offer a glimpse of Israel's technological edge in the military field. Katz said the past year proved to the world the state's strength, the defense establishment's capabilities, and the Israeli defense industries, noting that the capabilities and breakthroughs expressed in the campaign against enemies — including in Iran, Lebanon, and Gaza — have given Israel unprecedented operational, intelligence, and technological superiority. The prize will be awarded at an official ceremony at the President's Office with Katz, President Isaac Herzog, IDF Chief of Staff Lieutenant-General Eyal Zamir, and other officials in attendance.

In Iranian Retaliation, October 7 exposed the West’s dangerous illusion about Iran - opinion, an opinion piece argues that the belief that economic incentives can moderate jihadist regimes collapsed on October 7, 2023, and that Iran may prove the next test. The author asserts that for decades the West and Israel operated under the assumption that money, prosperity, and governance could tame radical movements, citing the Gaza experience with Hamas and the broader approach to Iran's nuclear program as illustrating the flaw. The piece suggests that the Gaza experience and the broader policy error have shaped how the international community views Iran and the prospects for a taming strategy via economic means.

In Regional Impacts, IMF, World Bank, others warn Middle East war is straining energy supplies, the heads of the International Energy Agency, the International Monetary Fund, the World Bank, and the World Trade Organization warned that the war in the Middle East was straining global energy supplies and hitting vulnerable economies hardest. The US–Israel war on Iran has disrupted trade, unsettled financial markets, and raised concerns over global energy flows, particularly through the Strait of Hormuz, a key route for oil and gas shipments. The global institutions said that the world economy remained resilient, but the impact was disproportionately borne by poorer countries through higher fuel and fertilizer prices, increased uncertainty, and risks to jobs. The leaders said shipping flows must normalize to prevent rapid oil inventory depletion ahead of peak summer demand, and they noted that responses to the conflict are being discussed, including terms that could affect the Strait and broader energy security.

In the Conflict with Iran and its Regional Proxies, Israel making "every possible mistake" in Lebanon, Tel Aviv University vice-rector says, the vice-rector described strategic failures in Lebanon related to the Shi'ite population and argued that Israeli pressure on Shi'ite civilians does nothing to harm Hezbollah and instead strengthens the group. He urged focusing on systemic attacks against Hezbollah's training camps and its social and economic infrastructure, and warned that the current approach risks dragging Israel into a war of attrition in southern Lebanon, potentially reinforcing Hezbollah's narrative as perpetual victim and echoing patterns seen in Gaza.

In US Policy Concerning Israel, Trump cannot use the Abraham Accords to sell a bad Iran deal - opinion, an opinion piece argues that expanding the Abraham Accords won’t fix the consequences of a flawed Iran agreement. It cautions that broader normalization cannot substitute for negotiating a solid deal with Iran, given the regime's ongoing nuclear and missile ambitions and the potential for sanctions relief to bolster Tehran. The piece emphasizes that a better accord remains essential and that geopolitical gains from normalization cannot compensate for a poor agreement.

Also in US Policy Concerning Israel, US issues new Iran-related counter-terrorism sanctions, the United States issued new counter-terrorism sanctions on Friday targeting Iranian individuals and entities, according to a Treasury Department notice. The move underscores ongoing enforcement against Iran-related activities, with the listing naming several entities linked to Tehran's networks.

Additionally in US Policy Concerning Israel, a Hebrew-language report quotes a US official saying the United States froze about a billion dollars in cryptocurrency tied to Iran, describing it as money stolen from the Iranian people. The report notes the severing of funds tied to Tehran and reflects continued efforts to disrupt Iran’s financial channels.

Thank you for tuning in to this Israel Today: Ongoing War Report update.
I'm Noa Levi. Stay safe and informed.
Keep in mind that this AI-generated report may contain occasional inaccuracies, so consult multiple sources for a comprehensive view. Find the code and more details in the podcast description.

SOURCES
https://www.jpost.com/israel-news/defense-news/article-897768
https://www.jpost.com/opinion/article-897638
https://www.al-monitor.com/originals/2026/05/imf-world-bank-others-warn-middle-east-war-straining-energy-supplies
https://www.jpost.com/israel-news/article-897767
https://www.jpost.com/opinion/article-897649
https://www.al-monitor.com/originals/2026/05/us-issues-new-iran-related-counter-terrorism-sanctions
https://t.me/abualiexpress/123367
https://www.jpost.com/business-and-innovation/article-897669