Israeli military operations in 2026 have centered on four countries—Iran, Lebanon, Syria, and Yemen—following the February joint U.S.-Israel campaign against Iranian targets and sustained strikes against Hezbollah, Syrian sites, and Houthi positions. No verified Israeli strikes have occurred in additional sovereign states through mid-November. Recent developments, including the November 12 strike on a Gaza hospital targeting a Hamas commander and security cabinet directives to prepare for possible renewed action on Iran, have not introduced new countries. With the year nearly concluded and no confirmed expansion of targets, market pricing reflects trader assessment that the count is unlikely to rise further absent major escalation in the remaining weeks.