**US military operations in 2026 have already involved actions in multiple countries, shaping trader views toward a final tally of eight or nine.** Confirmed engagements include the January raid capturing Venezuela’s Maduro, the February–June campaign against Iran under Operation Epic Fury with subsequent strikes, intervention in Ecuador, counterterrorism strikes in Somalia, and sustained vessel strikes in the Caribbean and eastern Pacific linked to trafficking networks tied to Venezuela and Ecuador. Ongoing or potential additions center on renewed Iran targeting and possible direct support against Iran-backed Houthis in Yemen. With three carrier groups positioning in the region and midterms approaching, further escalation remains possible before year-end, yet the pace and scope of new sovereign targets appear limited by resource constraints and diplomatic signals. Market pricing reflects this balance of completed operations against limited remaining upside.