Axios

The joint U.S.–Israel strikes on Iran Saturday drew mixed reactions from around the globe.

The big picture: European leaders largely called for restraint and diplomacy to avoid further escalation, while U.S. adversaries condemned President Trump's decision to pursue military action.

Millions of dollars were poured into prediction markets centered on global war and an Iran regime change following the U.S. strikes against Iran Saturday morning.

Why it matters: Major world events — as seen through the Iran strikes and the capture of Venezuelan leader Nicolás Maduro in January — have created new get-rich-quick moments.

Democratic divisions on Middle East policy roared back to the surface on Saturday after the U.S. and Israel launched what President Trump described as "major combat operations" in Iran.

Why it matters: There may be enough defections from hawkish Democrats to doom a measure Democratic leadership plans to force to a vote next week reining in Trump's war powers.

Editor's note: Iranian Supreme Leader was killed in an Israeli strike as part of a joint military operation between the U.S. and Israel on Feb. 28, according to Israeli and American officials.

The Israeli Air Force conducted numerous strikes across Iran Saturday morning in an attempt to assassinate Supreme Leader Ali Khamenei and other senior political and military leaders, Israeli and U.S. officials told Axios.

Why it matters: The U.S. and Israel have launched a massive joint military operation in an effort to destabilize the Iranian regime, which has been in power since the 1979 Islamic Revolution.

The overnight military strikes on Iran will likely push up oil prices by creating new risks to supplies from the region that's home to a large chunk of global output and transit.

Why it matters: Americans are about to feel the impact of the joint military operation by the U.S. and Israel.

Democrats on Saturday urged Congress to quickly vote on war powers resolutions after the Trump administration launched overnight strikes on Iran.

Why it matters: President Trump launched the strikes without approval from Congress, triggering backlash from Democrats and one Republican.

The U.S. struck Iran overnight in the latest example of a president bypassing Congress to order military action.

Why it matters: The Constitution says only Congress can declare war — but Democratic and Republican presidents alike have ordered military force without authorization for more than 75 years.

Reza Pahlavi, the exiled former crown prince of Iran, is positioning himself as the "transitional" leader if the Islamic Republic collapses.

The big picture: Pahlavi has voiced confidence in President Trump and previously met with administration officials to address unrest inside Iran — relationships that could bolster his standing after the U.S.-Israel strike on Iran on Saturday.

President Trump touted to raucous Republican applause during his State of the Union address this week that "We ended DEI in America."

• A year into Trump's crusade to eradicate "anti-white racism," some of the administration's most ambitious diversity, equity and inclusion rollbacks are stalled in court.

Why it matters: With Congress aligned with the White House, the judiciary has become the primary check for civil rights advocates who argue the administration is distorting long-standing equity laws.

Homeland Security Secretary Kristi Noem's plan to use border funds for an almost $300 million luxury jet fleet has horrified top Trump officials, Axios has learned.

Why it matters: Until last year, DHS owned zero luxury jets. Soon it could have three.