Iran's military command issued a stark warning on Wednesday, March 11, 2026, vowing to target U.S. and Israeli “economic centers and banks” across the Middle East. 

The threat comes as a direct response to an overnight airstrike that hit a building belonging to Bank Sepah, one of Iran's largest public financial institutions, in northern Tehran.

The attack on Bank Sepah

According to Iranian state media and military spokespeople, the joint U.S.-Israeli operation struck an administrative hub of the bank, resulting in at least one reported death and significant structural damage. 

Ebrahim Zolfaqari, a spokesperson for the Khatam al-Anbiya military command, characterised the strike as an “illegitimate and uncommon action.” He stated that by targeting a civilian financial institution, the “enemy is forcing our hand to target economic centers and banks linked to the U.S. and Zionist regime in the region.”

Escalating financial warfare

The threat marks a significant expansion in the scope of the ongoing conflict, which began on February 28,2026. While previous exchanges focused on nuclear facilities, military infrastructure, and oil assets, the explicit targeting of the banking sector signals a shift toward total economic warfare.

  • Regional Warning: Iranian officials warned civilians in neighbouring countries to stay at least 1,000 meters away from any banking institutions associated with U.S. or Israeli interests.
  • Cyber vs. Kinetic: While the Iranian military hinted at physical strikes (bombings),security experts in Washington and Tel Aviv are also bracing for a massive surge in cyberattacks. Groups like MuddyWater (Seedworm) have already been detected attempting to embed backdoors in U.S. financial networks.

Global market reactions

The prospect of “bank bombing” as a tool of state retaliation has sent ripples through global markets:

  • Oil Prices: Crude oil surged past $100 a barrel this week as Iran also threatened to blockade the Strait of Hormuz.
  • Stock Markets: Major indices in Asia and Europe saw declines between 2% and 5% following the news, with banking stocks taking the hardest hit due to the increased risk of regional instability.