Israel is reportedly preparing operational plans for a possible strike against Iran, Defense Minister Israel Katz said Israel would respond with significant force to an attack during the upcoming Jewish holidays. The developments follow coordinated U.S.-Israeli strikes and direct Israel-Iran missile exchanges earlier this year; the sources differ in describing the current status as an ongoing 2026 Iran war or a ceasefire whose stability remains uncertain. U.S. diplomatic pressure is aimed at deterring Iranian retaliation and preventing a wider regional conflict, while market pricing puts the probability of Iran Reconstruction Funding in a 2026 U.S.-Iran deal at 11% YES and the odds of Israel closing its airspace at 13% YES.