Iran has conducted repeated missile and drone strikes on Bahrain since February 2026 as part of its responses to U.S. military actions in the ongoing conflict, targeting sites near the U.S. Navy's Fifth Fleet headquarters and other infrastructure in Manama. Bahrain hosts key American military assets, prompting Iranian officials to frame such strikes as legitimate self-defense while warning at the UN on October 6 that any renewed use of Bahraini territory or airspace for attacks on Iran would trigger further retaliation. Recent escalations include U.S. airstrikes on Iranian targets followed by Iranian operations against Gulf bases, missile alerts in Bahrain, and accusations from Manama of thousands of prior Iranian attacks involving ballistic missiles and drones. Bahrain has rejected Iranian diplomatic overtures, including proposed regional talks on the Strait of Hormuz, and leads calls for unimpeded shipping. These tit-for-tat military and diplomatic exchanges continue to shape trader assessments of near-term targeting risks.