Iran Might Target Iraqi Kurdistan During War With U.S., Analysts Warn

Forbes Business

by Paul Iddon, Senior Contributor

February 23, 2026

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Iran’s potential targeting of Iraqi Kurdistan during a conflict with the U.S. has raised significant concerns among analysts. Kurdish expert Ceng Sagnic has highlighted that the threat level remains critically high, particularly for key locations such as Erbil Airport, the U.S. Consulate-General, major hotels, dams, and critical infrastructure like roads. This heightened risk underscores the vulnerability of both civilian and diplomatic targets in Kurdistan. The region’s strategic importance, especially its role in energy production and trade routes, makes it a potential flashpoint in any broader conflict. Additionally, the presence of foreign businesses and investors operating in the area could be directly impacted by such developments. For businesses and financial stakeholders, understanding these risks is crucial. A escalation involving Iran and the U.S. could disrupt regional stability, affecting investments, supply chains, and economic partnerships. The security concerns surrounding key infrastructure further complicate the business environment, potentially leading to operational disruptions or increased costs. From a financial perspective, the instability in Kurdistan could lead to shifts in market dynamics, insurance costs, and investment decisions. Companies with interests in the region may need to reassess their risk management strategies to mitigate potential losses. Moreover, any direct attacks on dams or energy infrastructure could have far-reaching economic consequences, impacting both local and international markets. In conclusion, while the immediate threat to Kurdistan is focused on military and diplomatic targets, the broader implications for business and finance are significant. The region’s role in global trade and energy supplies means that instability here could have wider repercussions, making it a critical area of

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Originally published on Forbes Business on 2/23/2026